Payroll Liabilities and Tax Records, Page 2

 Payroll Liabilities and Tax Records: Objectives

After you have completed this section, you will be able to:

1. Prepare a chart of accounts.
2. Explain the purpose of double-entry accounting.
3. Use T Accounts to illustrate the rules of debit and credit for asset accounts, liability accounts, and the owner's capital account, and to express the accounting equation.
4. Identify the normal balance of accounting.
5. Use T Accounts to analyze transactions that affect assets, liabilities, and the owner's capital account.
6. Calculate account balances after recording business transactions.
7. Define the accounting terms introduced in this section.