1. Define accounting terms related to analyzing transactions into debit and credit parts Indentify accounting practices related to analyzing transactions into debit and credit parts Use T accounts to analyze transactions showing which accounts are debited or credited for each transaction Analyze how transactions to set up a business affect accounts Analyze how transactions affect owner’s equity

2.  Account – record summarizing all the information pertaining to a single item in the accounting equations  Transactions – change the balances on accounts in the accounting equation  T account – an accounting device used to analyze trasactions

3.  Debit – an amount recorded on the left side Increase on debit side decrease on credit side  Credit – an amount recorded on the right side Increase on credit side & decrease on debit side  Normal balance – the side of the account that is increased

4.  Chart of accounts – list of accounts used by a business