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Analyzing Transactions into Debit and Credit Parts

The accounting device used to analyze transactions is called a T account. The T account will help you record separate transactions for each account as either a debit or a credit. This activity will help you learn the vocabulary necessary to understand accounts, how a T account is set up, as well, as analyze how each account is affected from various transactions.

T AccountAn accounting device used to analyze transactions.
DebitAn amount recorded on the left side of a T account.
CreditAn amount recorded on the right side of a T account.
Chart of AccountsA list of accounts used by a business.
Contra AccountAn account that reduces a related account on a financial statement.
Received cash from salesAsset - Debit/Increases, Owner's Equity - Credit/Increases
Paid cash for suppliesAsset - Debit/Increases, Asset - Credit/Decreases
Paid cash for prepaid insuranceAsset - Debit/Increases, Asset - Credit/Decreases
Bought supplies on accountAsset - Debit/Increases, Liability - Credit/Increases
Paid cash on accountAsset - Credit/Decreases, Liability - Debit/Decreases
Received cash from salesAsset - Debit/Increases, Capital(Revenue) - Credit/Increases
Paid cash for an expenseAsset - Credit/Decreases, Capital(Expense) - Debit/Increases
Paid cash to owner for personal useAsset - Credit/Decrease, Capital (Contra Account Withdrawal) Debit/Increases

West High School

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