Assets
This asset has an account code of 11
What is cash?
Assets = Liabilities + Owner's Equity
What is the accounting equation?
This financial statement reports net income.
What is the income statement?
Debit Supplies and Credit Cash
What is the journal entry for purchasing supplies?
Accounts receivable has this type of normal balance.
What is a debit balance?
P, P, & E is the abbreviation for this
What is property, plant, and equipment.
For a public company owner's equity is called this.
What is stakeholder equity?
This financial statement shows the accounting equation.
What is the balance sheet?
What is purchasing supplies on account?
Accounts Payable has this type of normal balance.
What is a credit balance?
This asset account contains the money owed to the company.
What is the accounts receivable account?
CPA stands for this.
What is a certified public accountant?
This financial statement shows the owner's stake in the company.
What is the Statement of Owner's Equity?
Debit Supplies Expense and Credit Supplies.
What is the year end adjusting entry for supplies left in inventory?
This is the normal balance for the owner's equity account.
What is a credit balance?
What is a long term asset?
This report lists all of the accounts and their codes.
What is the cart of accounts?
This statement is prepared first.
What is the income statement?
Debit Insurance Expense and Credit Prepaid Insurance.
What is the adjusting entry for expired insurance?
What is zero?
Accumulated Depreciation is this type of asset account.
What is a contra-asset account?
This journal contains the payments received from invoices.
What is the cash receipts journal?
This statement show the cash balances and its usage in the business.
What is the Cash Flow Statement?
Debit accounts payable and credit supplies.
What is the journal entry for returning merchandise purchased on account?
The normal balances are reported on these two year end accounting reports.
What are the unadjusted and adjusted trial balances?