title: Using Financial Accounting Information: The Alternative to Debits and Credits
author:  Gary A. Porter 
description: Dr. Gary A. Porter earned M.B.A. and Ph.D. degrees from the University of Colorado. Dr. Porter taught at several universities, including San Diego State; Loyola University Chicago; and the University of Montana; and has served as a department chair. He is currently Distinguished Lecturer at Drake University. Widely published and the recipient of numerous teaching awards, Dr. Porter has conducted workshops on introductory accounting education and corporate financial reporting, has worked as a staff accountant with Deloitte &amp; Touche, and has actively served the Illinois CPA Society, American Accounting Association, and Financial Executives International.
zlib_text: Copyright © 2015 John Wiley & Sons, Inc.
  Weygandt, Accounting Principles, 12/e, Instructor’s Manual
  (For Instructor Use Only)
  2-1
  CHAPTER 2
  LEARNING OBJECTIVES
  1. DESCRIBE HOW ACCOUNTS, DEBITS, AND CREDITS
  ARE USED TO RECORD BUSINESS TRANSACTIONS.
  2. INDICATE HOW A JOURNAL IS USED IN THE
  RECORDING PROCESS.
  3.
  EXPLAIN HOW A LEDGER AND POSTING HELP IN
  THE RECORDING PROCESS.
  4. PREPARE A TRIAL BALANCE.
  Accounting Principles 12th Edition Weygandt Solutions Manual
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  Copyright © 2015 John Wiley & Sons, Inc.
  Weygandt, Accounting Principles, 12/e, Instructor’s Manual
  (For Instructor Use Only)
  2-2
  CHAPTER REVIEW
  The Account
  1.
  (L.O. 1)
  An account is an individual accounting record of increases and decreases in a specific
  asset, liability, or owner’s equity item.
  2.
  In its simplest form, a