Account Classification, Normal Balance Side
Cash
What is an Asset, Debit Normal Balance
Supplies
What is Asset, Debit Normal Balance
Paid $50 Cash for Supplies.
What is Supplies Debited, Cash Credited
Received $400 Cash from Sales
What is Cash Debited, Sales Credited
This term simply means Right Side.
What is credit?
Sales
What is O.E., Credit Normal Balance Side
Accounts Receivable
What is Asset, Debit is Normal Balance Side
Paid $100 Cash for Insurance.
What is Prepaid Insurance Debited $100, Cash Credited $100
Received Cash on Account
What is Cash Debited, Accounts Receivable Credited
This term simply means Left Side
What is Debit?
Capital
What is O.E., Credit is Normal Balance Side
Revenue
What is O.E., Credit is Normal Balance Side
Paid $150 Cash on Account.
What is Accounts Payable Debited, Cash Credited.
Received Cash investment of $200 from owner
What is Cash Debited $200, Capital Credited $200
The side of the account that is increased is call this...
What is Normal Balance Side?
Prepaid Insurance
What is Asset, Debit is Normal Balance Side
Accounts Payable
What is Liability, Credit Normal Balance Side
Paid $400 Cash for Rent
What is Rent Expense Debited, Cash Credited
Bought Supplies on Account
What is Supplies Debited, Accounts Payable Credited
This is an accounting device used to analyze transactions.
What is a T Account?
Expense
What is O.E, Debit Normal Balance Side
Drawing
What is O.E, Debit Normal Balance Side
Sold $200 of Services on Account
What is Accounts Receivable Debited, Sales Credited
Paid $150 to owner for personal use.
What is Drawing Debited, Cash Credited
This is a list of accounts used by a business.
What is a Chart of Accounts?