Accounting 10, 20, 30
Course Configurations
Utilize transactions and apply T-accounts in order to understand the concept of an account.
Indicators for this outcome
| (a) | Relate the left and right of the T-account location to the accounting equation. |
| (b) | Label debit (left) and credit (right) as left and right of the T-account location. |
| (c) | Identify the location (l/r) of the elements (i.e., assets, liabilities, owners’ equity) of the accounting equation and how those elements correlate to the normal balance of an account. |
| (d) | Implement the use of normal balance in each sub-element of owners’ equity (i.e., capital [CR], drawings [DR], revenue [CR] and expenses [DR]). |
| (e) | Interpret how the normal balance side of a T-account relates to the increase and decrease of an account balance. |
| (f) | Recognize and apply the concept of double entry accounting by assigning the amounts of a transaction into one debit and one credit part. |
| (g) | Analyze transactions into debits and credits using a pair of T-accounts. |
| (h) | Analyze a full set of business transactions and record in a ledger of T-accounts. |
| (i) | Calculate the final balance of a T-account. |
| (j) | Prove equality between normal debit balances and normal credit balances by totaling accounts to confirm the accounting equation. |
| (k) | Discuss how capital, drawings, revenue and expenses relate to owners’ equity. |
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