ACCOUNTING 211 Liberty University -Accounting 211 exam 1 Debits and Credits questions n answers rated A+

Accounting 211 exam 1 Debits and CreditsAssets - correct answer increase with debits decrease with credit Liabilities - correct answer decrease with debits increase with credits Shareholder's equity - correct answer decrease with debits increase with credits Normal balance - correct answer increase side of t-chart Revenues Expenses - correct answer increase shareholders' equity = credit decrease shareholders' equity = debit The accounting cylce - correct answer 1. Analyze transaction and create journal entries 2. post journal entries to the ledger 3. find balance of ledger accounts and transfer to unadjusted trial balance *list of all accounts in general ledger with each accounts debit and credit balance* 4. evaluate any required adjustments and create adjusting journal entries - Entires made at end of period for: