Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

The left side of an account is used to record which of the following?

Liabilities

Credits

Debits

Revenues

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Verified step by step guidance

Understand the structure of a T-account, which is a visual representation of accounts in double-entry bookkeeping. It has two sides: the left side is called the 'debit' side, and the right side is called the 'credit' side.

Recall that debits and credits are fundamental concepts in accounting. Debits are recorded on the left side of the account, while credits are recorded on the right side.

Identify the types of accounts affected by debits. Debits typically increase asset accounts and expense accounts, while they decrease liability accounts, equity accounts, and revenue accounts.

Review the question and note that it asks specifically about the left side of an account. Based on the structure of a T-account, the left side is used to record debits.

Confirm that the correct answer is 'Debits,' as this aligns with the definition and structure of accounting entries in double-entry bookkeeping.