A,L,OE,E,R
Cash
What is Asset?
Two sides of every journal entry?
Debit & Credit
Things We Own
What is an Asset?
The basic accounting equation
Assets = Liabilities + Equity
Black and Orange
What is a Chester Clipper?
Accounts Payable
What is Liability?
A business pays $500 cash for rent. What account is debited?
Money earned from selling goods or services?
What is Revenue?
Statement shows a company’s profits and losses?
What is Income Statement?
Bippin Down The Highway
What is 67?
What is Asset?
A business purchases equipment for $2,000 cash. What are the debit and credit?
Debit Equipment $2,000; Credit Cash $2,000
What is the main purpose of a trial balance?
To check that total debits equal total debits
Statement shows a company’s Assets, Liabilities, & Equity.
What is Balance Sheet?
50 Stars
What is the American Flag?
Rent Expense
What is Expense?
A business provides $1,000 of services on account. Debit What?
Debit Accounts Receivable
Things We Owe
What is Liability?
If expenses increase while revenue stays the same, what happens to net income
Net Income decreases
College Ms. Graves attended?
What is Neumann University?
Owner's Withdrawal?
What is Owner's Equity?
Accounts Payable
What is Credit Side?
Initial Investment
What is Owner's Equity?
A company has $75,000 in assets and $30,000 in liabilities. What is owner's equity?
What is $45,000?
Ms. Graves Dog Name
What is Versace?