Accounting 1
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Corporation
A business legally separated from its owners
cost principle
accounting principle requires that all goods and services purchased be recorded at actual cost
purchase supplies on credit, gen journal will have entries to
credit to accounts payable
a business uses a credit to record
decrease in asset account
debit is used to record what
increase in dividends account
accrued expenses
incrrued but unpaid expenses that are recorded during the adjusting process with a debit to an expense and a credit to liability
ledger
record of all accounts and their balances used by a business
Credit
right side of a T account is called a
