Assets, Liabilities, or Equity?
Cash
What is an asset?
It's traditionally written as: Assets = Liability + Equity
Writing this down is the first step - of four total - in journalizing a transaction.
What is the date?
What is "on account"?
Ben Affleck plays an awkward CPA named Christian Wolff in this 2016 action thriller. The sequel was released in May 2025.
What is "The Accountant?"
John Doe, Capital
What is equity?
It could be written as the acronym C.O.A.
What is a Chart of Accounts?
Transferring information from a journal entry to a ledger account.
What is posting?
Expense accounts increase on this side of the T-chart.
What is debit?
Michael Jordan played for this Eastern Conference NBA team from 2001-2003, after he unretired for the second time. And no, it's not the Chicago Bulls.
Who are the Washington Wizards?
Accounts Payable
The amount of cash kept on hand for making small payments.
What is petty cash?
In a Chart of Accounts, it's the number set of Owner's Equity. Don't forget to count by 100's!
What is 300?
A document that orders a bank to pay out a certain amount of money from an account.
What is a check?
In Monopoly, it costs $320.00 to purchase. In real life, you'd find the White House here.
What is Pennsylvania Avenue?
Prepaid Insurance
What is asset?
It's the side (either debit or credit) of an account that is increased.
What is the normal balance?
The final two steps you do at the bottom of a journal page to verify the totals are correct.
What is proving and ruling?
It's the column that goes in between the General Debit/Credit columns and the Cash Debit/Credit columns in a journal.
What is Sales Credit?
They are the 3 Dunder Mifflin accountants in the TV Show "The Office," but you only need to name one for full points here.
Who are Kevin Malone, Oscar Martinez, and Angela Martin?
Sales
What is equity?
The recording of both debit and credit parts of a given transaction.
What is double-entry accounting?
A listing of all accounts and their balances used to check that debits equal credits.
What is a trial balance?
Since I used up some of my business Supplies in December, I'll need to enter that into the "Supplies Expense" row in this specific column.
What is the "Adjustments - Debit" column?
Saint Nicholas of Myra, the "real-life Saint Nick," was a Christian bishop from this modern day country, which lies on the Eastern Mediterranean Sea.
What is Turkey?