Quick Review

Debit and credit ( (double entry y system) y )

At least one debit and one credit Debit is equal to credit Assets = Liabilities + Owners Equity (+ , -) (- , + ) ( - ,+ )
Dr Cr Dr Cr Dr Cr

Asset and liability accounts (real, concrete) Owners equity accounts

Quick Review
Accounting g cycle y
Journal entry: use debit/credit to record transactions
Jan 25 Dr. Cash C Cr. St Stock k Jan 28 Dr. Car Cr. Cash $20,000 $20,000 $20 000 $ 5,000 $ 5,000

Posting: post transactions from journal entry to Taccounts

C h (J Cash (Jan 31)
$20,000 $ 5,000 $15,000

St Stock k (J (Jan 31)

$ 20,000 $ 20,000

C Car (J (Jan 31)

$5,000 $5,000

Quick Review
Accounting cycle
Unadjusted Trial balance: pull all T-accounts together (up to all journal entries)
Unadjusted Trial Balance (Jan 31)
Debit Cash Car Stock Balance $20,000 $15,000 5,000 $20,000 $20,000 Credit