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UNT - HMGT 2280 - Class Notes - Week 3

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UNT - HMGT 2280 - Class Notes - Week 3

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background image Stockholders’ Equity Common Stock (Investments by Stockholders) Retained earnings (Net Income retained in business) dividends Net Income or Net loss (Revenues less expense) Hospitality Financial Accounting Week 3 Chapter 3 Debit & Credit Never write negative or positive on debit side Never write negative or positive on credit side o Debits: increase assets, decrease liabilities, decrease common  stock, decrease retained earnings, increase dividend, decrease 
revenue, increase expenses
o Credits: decrease assets, increase liabilities, increase common  stock, increase retained earnings, decrease dividends, increase 
revenue, decrease expenses.
Debit = credit Definitions:        Credit: the right side of an account        Debit: the left side of an account An account consists of three parts:  o Title of the account, 
o A left, or debit, side,
o And a right, or credit, side

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School: University of North Texas
Department: Hospitality
Course: Hospitality Accounting
Professor: Jeff Britain
Term: Spring 2019
Tags: UNT, HospitalityFinancialAccounting, Accounting, and JeffBritain
Name: Hospitality Financial Accounting
Description: chapter 2-3, week 3
Uploaded: 02/04/2019
48 Pages 38 Views 30 Unlocks
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