Accounting I - Chapter 2 Test

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When cash is paid for supplies, the supplies account is increased by a debit.

Asset accounts increase on the credit side.

Common accounting practice is to record withdrawals as debits directly in the ownerвЂ™s capital account.

An amount recorded on the left side of a T account is a credit.

A list of accounts used by a business is a chart of accounts.

The balance of an account increases on the same side as the normal balance side.

Each asset account has a normal debit balance.

Each liability account has a normal credit balance.