Debits and Credits Business Transactions

 

Week 2 Discussions and Required Resources

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Part 1 and Part 2 must be at least 200 words

Part 1: Debits and Credits

Define debits and credits and explain how they are used to record business transactions.  Is it true that debits always increase and credits always decrease? Why or why not?

Part 2: Revenue & Expense

Review the section called “Investor Insight” in Chapter 3 (chapter attached as a PDF) of your text which shows the major revenue and expense accounts of the Chicago Cubs baseball team. Considering the huge increase in professional baseball players’ salaries in the last decade, what do you think has happened to the total expenses and net income of professional baseball teams? If net income has not decreased, what has been done to offset the higher salaries? Should fans be expected to pay higher prices for ‘America’s national pastime’ to help offset the costs of higher salaries?

Required Resource

Text

Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2016). Financial accounting: Tools for business decision making (8th ed.). Retrieved from https://content.ashford.edu/

· Chapter 3: The Accounting Information System

· Chapter 4: Accrual Accounting Concepts

(Chapters 3 & 4 are in the attachments for the assignments)

Recommended Resource

Website

Textbook Student Companion Site (http://bcs.wiley.com/he-bcs/Books?action=index&itemId=1118953908&bcsId=9831)

· Review the PowerPoint presentations for Chapter 3 and Chapter 4 found on the textbook publisher’s website. (Chapters 3 & 4 PowerPoints are in the attachments for the assignments). Get homework help here

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