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

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

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

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

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

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

9. * https://www.youtube.com/watch?v=DfX_mbbB sYo https://www.youtube.com/watch?v=DfX_mbbB sYo

17. Complete Ex. 2 Crooks Garage p.103 (t), p. 51 (w) 1) Complete transaction analysis sheet in workbook (p. 51) 2) Use back side of journal paper to journalize each transaction