Balance Sheet Accounts

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Presentation transcript:

Balance Sheet Accounts 2 Principles of Accounting, 4th edition

PowerPoint 11 Chapter 2, Unit 3 T-Account Debit Side and Credit Side ACCOUNT NAME Left Side Right Side DEBIT AMOUNT CREDIT AMOUNT 2 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 12 Chapter 2, Unit 3 The Balance Sheet and T-Accounts (page 1) BALANCE SHEET Left Side Right Side Assets Liabilities + Owner’s Equity Asset account balances are recorded on the debit side. Liability and Owner’s Equity account balances are recorded on the credit side. 3 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 12 Chapter 2, Unit 3 The Balance Sheet and T-Accounts (page 2) The way the T-account is laid out never changes. Debit is always on the left and credit is always on the right. What does change is the side of the account that increases and shows the normal balance. Asset Accounts Liability and Owner’s Equity Accounts Debit Credit Debit Credit Debit Balance Credit Balance 4 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 13 Chapter 2, Unit 3 Debit and Credit Theory: Assets ASSETS = LIABILITIES + OWNER'S EQUITY Debit Increase Credit Decrease Assets appear on the LEFT SIDE of the balance sheet. Asset balances are recorded on the DEBIT SIDE. Assets INCREASE on the DEBIT SIDE. Assets DECREASE on the CREDIT SIDE. 5 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 14 Chapter 2, Unit 3 Debit and Credit Theory: Liabilities ASSETS = LIABILITIES + OWNER’S EQUITY Debit Credit DECREASE INCREASE Liabilities appear on the RIGHT SIDE of the balance sheet. Liability balances are recorded on the CREDIT SIDE. Liabilities INCREASE on the CREDIT SIDE. Liabilities DECREASE on the DEBIT SIDE. 6 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 15 Chapter 2, Unit 3 Debit and Credit Theory: Owner’s Equity ASSETS = LIABILITIES + OWNER’S EQUITY Debit Credit DECREASE INCREASE Owner’s Equity appears on the RIGHT SIDE of the balance sheet. Owner’s Equity balance is recorded on the CREDIT SIDE. Owner’s Equity INCREASES on the CREDIT SIDE. Owner’s Equity DECREASES on the DEBIT SIDE. 7 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 16 Chapter 2, Unit 3 Calculation of T-Account Balance 8 Principles of Accounting, 4th edition Principles of Accounting, 4th edition