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ThreeFundamentalBookkeeEquations

Assets=Liabilities+Stockholders’Equity

SumofDebits=SumofCredits

Beginningaccountbalance+Increases-Decreases=Endingaccount

balance

•Theseequationsmustbeinbalanceatalltimes!

•Thebalancesheetequationcanbepthroughtheuseof

“debits”and“credits”

•DefinitionsofDebitandCredit:

–Debit(Dr.)=Left-sideEntry

–Credit(Cr.)=Right-sideEntry

KNOWLEDGEFORACTION

Debit/CreditBookkee

Assets=Liabilities+Shareholders’Equity

Assets=Liabilities+Contrib.Capital+RetainedEarnings+Revenues–Expenses

Assets+Expenses=Liabilities+Contrib.Capital+RetainedEarnings+Revenues

Debits=Credits

•RulesofDebitsandCredits:

–Everytransactionmusthaveatleastonedebitandatleastonecredit

–Debitsmustequalcreditsforalltransactions

–Nonegativenumbersareallowed

KNOWLEDGEFORACTION

AccountsandAccountBalances

•NormalBalance

–Thetypeofbalance(debitorcredit)theaccountcarriesundernormal

circumstances

•TAccount

–Arecordofallchangesinanaccountingty

–DebitsarelistedontheleftsideoftheT

–CreditsarelistedontherightsideoftheT

•AccountBalance

–Differencweensumofdebitsandsumofcreditsfortheaccount

•ChangeinAccountBalanceEquation:

–BeginningBalance+Increases-Decreases=EndingBalance

KNOWLEDGEFORACTION

NormalBalancesandT-accounts

•Assets,Expenses

–NormalBalanceisDebit(LeftsideofT)

–IncreasesthroughDebits(Leftentries)

–DecreasesthroughCredits(Rightentries)

–Beginning(Debit)Balance+Debits-Credits=Ending(Debit)Balance

AccountsReceivable(A)

Beg.Balance1,000

NewSales(Increase)10080Cash