Vocabulary
Definition: An accounting device used to analyze transactions.
What is a T-Account?
Paid cash for supplies, $165.00.
What is supplies?
Sold services on account to Main Street Services, $500.00.
What is SALES?
Cash
What is asset?
Michael Delgado withdrew equity in the form of cash, $350.00.
What are Michael Delgado, Drawing and cash?
Definition: An amount recorded on the right side of an account.
What is Credit?
Paid cash for insurance, $900.00.
What is pre-paid insurnace?
Paid cash for communications bill for cell phone and Internet service, $80.00.
What is communication expense?
Prepaid Insurance
What is asset?
Received cash on account from Main Street Services, $200.00.
What are cash and Accounts Receivable Main Street Services?
Definition: The side of an account that is increased is called the normal balance of the account.
What is a Normal Balance?
Bought supplies on account from Canyon Office Supplies, $220.00.
What are supplies?
Received cash on account from Main Street Services, $200.00.
What is cash?
Accounts Payable—Green Solutions
Liability
Paid cash for communications bill for cell phone and Internet service, $80.00.
What is cash and communication expense?
Definition: An amount recorded on the left side of an account.
What is a Debit?
Paid cash on account to Canyon Office Supplies, $100.00.
What is Accounts Payable Canyon Office Supplies?
Michael Delgado withdrew equity in the form of cash, $350.00.
What is Micheal Delgado, Drawing?
Georganne Hayner, Capital
What is owner's equity?
Sold services on account to Main Street Services, $500.00.
What are sales and accounts receiveable Main Street Services?
Definition: A list of accounts used by a business.
What is a Chart of Accounts?
Received cash from sales, $1,100.00.
What is cash?
Sold services on account to Theo Moses, $130.00.
What is sales?
Advertising Expense
What is an expense affecting the owner's equity?
Received cash from sales, $1,100.00.
What are cash and sales?