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Presentation transcript:

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives LO1 Show the relationship between the accounting equation and a T account. LO2 Identify the debit and credit side, the increase and decrease side, and the balance side of various accounts. LO3 Restate and apply the two rules that are associated with the increase side of an account. © 2014 Cengage Learning. All Rights Reserved.

Analyzing the Accounting Equation Lesson 2-1 Analyzing the Accounting Equation LO1

Lesson 2-1 Accounts LO2 account. T account. Debit Credit

Lesson 2-1 Accounts LO2

Increases, Decreases, and Balances in Accounts Lesson 2-1 Increases, Decreases, and Balances in Accounts LO3 Assets Liabilities and the owner’s capital account Normal balance

Increases, Decreases, and Balances in Accounts Lesson 2-1 Increases, Decreases, and Balances in Accounts LO3

Lesson 2-1 Audit Your Understanding Draw the accounting equation on a T account. What are the two accounting rules that explain increases of account balances?