2. * Debit * An entry recording an amount owed, listed on the left-hand side or column of an account. * Credit * The ability to obtain goods or services before payment, based on the trust that payment will be made in the future: "unlimited credit".

3. * View the video to get an understanding

4. Assets Liabilities Owner’s Equity = + + ++ Increase - - - Decreas e Debit (DR) Credit (CR) DebitCredit Debit Credit

5. * Any item on the balance sheet that records changes from that item. * LEDGER  Group of accounts

6. * Assets are increased on the debit side * Liabilities are increase on the credit side * Owner’s Equity is increase on the credit side

7. * Assets are decreased on the credit side * Liabilities are decreased on the debit side * Owner’s Equity is decrease on the debit side

8. * Accounts are increase on the side they appear in the fundament accounting equation Assets = Liabilities + Owner’s Equity

9. * Accounts are decreased on the opposite side to which they appear in the equation

10. * Complete exercise #1 p. 91 (t), p. 35 (w) * Fill in the boxes with + or -