Recording Business Transactions

Read page 76 on the rules of debits and credits, and copy and keep handy as a quick reference. Then, jump ahead and read pages 80 and 81. Examine the section on the ledger and the chart of accounts again. Learning about financial accounting for the first time is all about building upon and refining your knowledge of accounting processes and methods step-by-step. Be sure to note which accounts are permanent and which accounts are temporary.