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Chapter 2 - The recording process. The following will be discussed in this chapter: Explain what an account is and how it helps in the recording process; define debits and credits and explain their use in recording business transactions, identify the basic steps in the recording process,. | Preview of Chapter 2 Financial Accounting Ninth Edition Weygandt Kimmel Kieso 2 Learning Objectives After studying this chapter, you should be able to: [1] Explain what an account is and how it helps in the recording process. [2] Define debits and credits and explain their use in recording business transactions. [3] Identify the basic steps in the recording process. [4] Explain what a journal is and how it helps in the recording process. [5] Explain what a ledger is and how it helps in the recording process. [6] Explain what posting is and how it helps in the recording process. [7] Prepare a trial balance and explain its purposes. The Recording Process A record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. Debit = “Left” Credit = “Right” Account An account can be illustrated in a T-account form. LO 1 The Account 2 Learning Objectives After studying this chapter, you should be able to: [1] Explain what an account is and how it helps in the recording process. [2] Define debits and credits and explain their use in recording business transactions. [3] Identify the basic steps in the recording process. [4] Explain what a journal is and how it helps in the recording process. [5] Explain what a ledger is and how it helps in the recording process. [6] Explain what posting is and how it helps in the recording process. [7] Prepare a trial balance and explain its purposes. The Recording Process Double-entry system Each transaction must affect two or more accounts to keep the basic accounting equation in balance. Recording done by debiting at least one account and crediting another. DEBITS must equal CREDITS. Debit and Credit Procedure The Account LO 2 If Debit amounts are greater than Credit amounts, the account will have a debit balance. $10,000 Transaction #2 $3,000 $15,000 8,000 Transaction #3 Balance Transaction #1 Debits and Credits LO 2 $10,000 Transaction #2 $3,000 Balance Transaction #1 $1,000 8,000 Transaction #3 If . | Preview of Chapter 2 Financial Accounting Ninth Edition Weygandt Kimmel Kieso 2 Learning Objectives After studying this chapter, you should be able to: [1] Explain what an account is and how it helps in the recording process. [2] Define debits and credits and explain their use in recording business transactions. [3] Identify the basic steps in the recording process. [4] Explain what a journal is and how it helps in the recording process. [5] Explain what a ledger is and how it helps in the recording process. [6] Explain what posting is and how it helps in the recording process. [7] Prepare a trial balance and explain its purposes. The Recording Process A record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. Debit = “Left” Credit = “Right” Account An account can be illustrated in a T-account form. LO 1 The Account 2 Learning Objectives After studying this chapter, you should be able to: [1] Explain what an account is and how it helps in the
