Vocabulary
Concepts
Concepts 2
Chart of Accounts
Problems
100
Accountants term for left and right
What is debit and credit
100
System of recordkeeping in which each business transaction affects at least two accounts
What is Double-Entry Accounting
100
The first debit/credit rule for an asset account
What is Increase on the debit side
100
Asset numbers on the Balance sheet start with what number
What is Start with 1
100
What accounts are affected and how if a business owner purchases tents and sleeping bags for their business with cash?
Camping Equipment Debit, Cash in Bank Credit
200
Always on the side used to record increases to the account
What is Normal Balance
200
Shows the dollar increase or decrease in an account that is caused by a transaction
What is a T Account
200
The second debit/credit rule for an asset account
What is Decrease on the credit side
200
Liability accounts on the balance sheet start with what number?
What is start with 2
200
What accounts are affected if a business owner brought a filing cabinet from home and transferred it to the business?
Office Equipment Debit; Capital Account Credit
300
Amounts entered on the left side of a T Account are called...
What is a Debit
300
A specific side to a T account that is ALWAYS used to record INCREASES to the account
What is Normal Balance
300
The first debit/credit rule for a liability/OE account
What is Increase on the Credit side
300
Owner's Equity accounts on the Balance Sheet start with what number?
What is start with 3
300
What accounts are affected and how if the owner of a company purchased camping equipment on credit from a supplier?
Camping Equipment Debit, Accounts Payable Credit
400
Amounts entered on the right side of a T Account are called
What is a Credit
400
Assets normally have a ___________ balance
What is Debit (left side)
400
The second debit/credit rule for a liability/OE account
What is Decrease on the Debit side
400
Revenue Accounts start with what number?
What is start with 4
400
What accounts are affected and how, if a business owner sold on account, an unused typewriter from the business?
Accounts Receivable debit, Office Equipment Credit
500
Listing of all accounts a business develops
What is a Chart of Accounts
500
Liabilities and Owner's Equity normally have a __________ balance
What is Credit
500
Assets normally have a __________ balance while liabilities and OE normally have a __________ balance
What is Debit, Credit
500
Expense accounts start with what numbers....AND how many numbers should you skip when you assign new numbers?
What is ...starts with 5....skip 5 numbers if you are using a 3 digit system. If you are using a 4 digit system skip 50, five digit system, skip 500, six digit numbers, skip to the next 5000.
500
What is the T Account for this transaction? Business Owner Stuart invested an additional $5000 in his business.
Cash in Bank-debit, Stuart Capital-credit
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