Accounting I/II Chapter 2, Section 1  T- accounts  An accounting device used to analyze transactions  Debit  An amount recorded on the left side  Credit 

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Transcript Accounting I/II Chapter 2, Section 1  T- accounts  An accounting device used to analyze transactions  Debit  An amount recorded on the left side  Credit  

Accounting I/II
Chapter 2, Section 1

T- accounts
 An accounting device used to analyze transactions

Debit
 An amount recorded on the left side

Credit
 An amount recorded on the right side

Normal balance
 The side of an account that is increased

Chart of accounts
 A list of accounts used by a business

Account balances increase on the normal
balance side of an account

Account balances decrease on the side
opposite the normal balance side of an
account
Take out accounting equation paper
Debits must always equal credits
Debits are always recorded first
2-1 Work Together and On Your Own
Use handout
2-1 Application Problem
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