What do you think of when you hear the word debit? What do you think of when you hear the word credit?
1. What do you think of when you hear the word debit? What do you think of when you hear the word credit?
2. What does our textbook say about debits and credits?
3. How would you describe the left (debit) and right (credit) side of each of the four basic account types: Asset, Liability, Equity, Revenue and Expense? Can you share an example of each type?
4. Which account types are presented on the Balance Sheet? What about the Income Statement?
5. Our eBook describes how to calculate an account balance. Can you describe this process for the Cash account in your own words? How is this process different for a Liability or Owner’s Equity Account?
6. What does the term ‘normal balance’ mean?
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