SUMMARY OF ACCOUNTING BASICS - Washburn University

1. Accounting Equation: Assets = Liabilities + Owner’s Equity. 2. T Account: Account Title. Left Side. debit Right Side. credit 3. Rules of Debit and Credit: Balance Sheet Accounts ASSETS. Asset Accounts LIABILITIES. Liability Accounts Debit. for. increases Credit. for. decreases Debit. for. decreases Credit . for . increases OWNER’S EQUITY ................
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