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Acct Lesson 4

Acct Lesson 4

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Published by Gracielle Espiritu

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Categories:Topics, Art & Design
Published by: Gracielle Espiritu on Jul 29, 2011
Copyright:Attribution Non-commercial

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07/29/2011

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The Account and the Rules forDebit and Credit
 
ACCOUNT
Â
Accounting device used to summarize theincreases and decreases in assets, liabilities andproprietorship
Â
A separate account must be prepared for eachitem affected by the business transaction
Â
Every account has two sides debit or DR andcredit or CR
 
DEBIT
Â
Left side of an account
CREDIT
Â
Right side of an account

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