2. Define debits and credits and explain their use in recording business transactions. The terms debit and credit are synonymous with left and right. Assets, drawings, and expenses are increased by debits and decreased by credits. Liabilities, owner's capital, and revenues are increased by credits and decreased by debits. 3.

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    T-Accounts: Analyzing Business Transactions & Debits and Credits. TLC Tutoring. Chapter 2 Recording Business Transactions. Vicki Stewart.

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    Chapter 2 Analyzing Transactions into Debit and Credit Parts 2 CENTURY 21 ACCOUNTING ' Thomson/South-Western LESSON 2-1 Objectives 1.Define accounting terms related to analyzing transactions into debit and credit parts. 2. Identify accounting practices related to analyzing transactions into debit and credit parts.

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