Exam 2 Flashcards
1
Q
Be able to figure out the journal entries for various transactions
A
Remember that every transaction affects at least two accounts, but it could also affect more than two accounts as long as the total debits and total credits are equal.
2
Q
Know the classifications of the old and the new accounts in this chapter and understand the rules of debits and credits and normal balances for each one of them.
A
You should also know where and how the accounts appear in the financial statements. This includes accumulated depreciation, a contra asset account.
