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ACC 203: CH 2
Recording and Analyzing Transactions
6
Accounting
Undergraduate 2
09/15/2008
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Term
Types of ASSET Accounts
 Definition
*Cash
*Supplies on Hand
*Inventory
*Prepaid insurance
*Equipment
*Building
*Land
*Accounts Receivable
*Notes Receivable
Term
Types of LIABILITY Accounts
 Definition
*__________Payable
*Unearned Revenue (Or revenue received in advance)
*Accounts Payable
Term
Types of Equity Accounts
 Definition
*Revenue
*Expenses
*Capital
*Withdrawal
Term
Assets T Table
 Definition
Debit is increase; Credit is decrease
Term
Liabilities T-Table
 Definition
Debit is decrease; credit is increase
Term
Owners Equity T-Table
 Definition
Debit is decrease; Credit is increase
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