1. LESSON 2-1 Using T Accounts
4/13/2019
LESSON 2-1
Using T Accounts

2. TERMS T account An accounting device used to analyze transactions
page 31
T account
An accounting device used to analyze transactions
Debit
The amount recorded on the left side of the T account
LESSON 2-1

3. TERMS Credit The amount recorded on the right side of the T account
page 31
Credit
The amount recorded on the right side of the T account
Normal Balance
The side of the account that is increased
LESSON 2-1

4. ANALYZING THE ACCOUNTING EQUATION
page 28
LESSON 2-1

5. ACCOUNTS
page 29
LESSON 2-1

6. ACCOUNT BALANCES
page 29
LESSON 2-1

7. INCREASES AND DECREASES IN ACCOUNTS
page 30
LESSON 2-1

8. LESSON 2-2 Analyzing How Transactions Affect Accounts
4/13/2019
LESSON 2-2
Analyzing How Transactions Affect Accounts

9. TERM Chart of Accounts A list of accounts used by business page 37
LESSON 2-2

10. RECEIVED CASH FROM OWNER AS AN INVESTMENT
page 32
August 1. Received cash from owner as an investment, $5, 2 1 4 3
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
LESSON 2-2

11. PAID CASH FOR SUPPLIES
page 33
August 3. Paid cash for supplies, $ 2 1 4 3
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
LESSON 2-2

12. PAID CASH FOR INSURANCE
page 34
August 4. Paid cash for insurance, $1, 2 1 4 3
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
LESSON 2-2

13. BOUGHT SUPPLIES ON ACCOUNT
page 35
August 7. Bought supplies on account from Supply Depot, $ 2 1 4 3
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
LESSON 2-2

14. PAID CASH ON ACCOUNT
page 36
August 11. Paid cash on account to Supply Depot, $ 2 1 4 3
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
LESSON 2-2

15. LESSON 2-3 Analyzing How Transactions Affect Owner’s Equity Accounts
4/13/2019
LESSON 2-3
Analyzing How Transactions Affect Owner’s Equity Accounts
Green

16. RECEIVED CASH FROM SALES
page 38
August 12. Received cash from sales, $ 2 1 4 3
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
LESSON 2-3

17. SOLD SERVICES ON ACCOUNT
page 39
August 12. Sold services on account to Oakdale School, $ 2 1 4 3
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
LESSON 2-3

18. PAID CASH FOR AN EXPENSE
page 40
August 12. Paid cash for rent, $ 2 1 4 3
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
LESSON 2-3

19. RECEIVED CASH ON ACCOUNT
page 41
August 18. Received cash on account from Oakdale School, $ 2 1 4 3
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
LESSON 2-3

20. PAID CASH TO OWNER FOR PERSONAL USE
page 42
August 12. Paid cash to owner for personal use, $ 2 1 4 3
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
LESSON 2-3