Accounting I/II Chapter 2, Section 2.  What accounts are affected?  How is each account classified?  How is each classification changed?  Increased.

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Presentation transcript:

Accounting I/II Chapter 2, Section 2

 What accounts are affected?  How is each account classified?  How is each classification changed?  Increased or decreased?  How is each amount entered in the accounts?  Debit or credit?

 What accounts are affected?  How is each account classified?  How is each classification changed?  How is each amount entered in the accounts? Cash Kim Park, Capital AssetOwner’s Equity Debit Credit Debit Credit

 What accounts are affected?  How is each account classified?  How is each classification changed?  How is each amount entered in the accounts? Supplies Cash Asset Debit Credit Debit Credit

 What accounts are affected?  How is each account classified?  How is each classification changed?  How is each amount entered in the accounts? Prepaid Insurance Cash Asset Debit Credit Debit Credit

 What accounts are affected?  How is each account classified?  How is each classification changed?  How is each amount entered in the accounts? Supplies Accounts Payable, Supply Depot Asset Liability Debit Credit Debit Credit

 What accounts are affected?  How is each account classified?  How is each classification changed?  How is each amount entered in the accounts? Accts. Pay—Supply Depot Cash Liability Asset Debit Credit Debit Credit

2-2 Work Together and On Your Own 2-2 Application Problem