Guess the Account
This is the account category that is used to determine the cost of doing business during a fiscal period
What is an Expense?
This document is needed before you can create a Balance Sheet and an Income Statement
What is a Work Sheet?
The owner wishes to make a withdrawal of $200 and needs this account to be updated accordingly.
What is an Owner's Equity Drawing Account?
This is the formula to determine a Normal Balance
What is Assets = Liabilities + Owner's Equity?
Asset value belongs in this account classification
What is a Debit?
This type of asset account is used to categorize sales and services that were sold on account
What is Accounts Receivable?
What is Sales and Expenses?
This is the amount a business asset account would be if liabilities = $1000 and owner's equity is $2000
What is $3000
A Balance sheet must have these three account types listed on it
What is Assets, Liabilities and Owner's Equity
In Accounting, the terms debit and credit indicate, respectively:
what is Left and Right
Owner's Equity net value can be determined using these two types of accounts?
Adjustment entries need to be completed on this Accounting Document
What is a General Journal?
These two accounts would be impacted by an owner investment transaction.
What is Cash and Owner's Equity Capital?
This account type must be created to document an error in the cash account.
What is a cash offage (over or short) account
The normal balance of a general ledger account is always on this side?
What is the side used to record the increase in an account?
What is a Liability?
Financial Statements consist of these two Accounting Documents?
What is a Balance Sheet and Income Statement?
Sales for October were $1,500 and Expenses were $2,000. An Accountant would need to show this on the Income Statement.
What is a Net Loss?
These two accounts must be updated when supplies and inventory values are adjusted to ensure the general journal balances
What is a supplies and inventory expense account?
A withdrawal by the owner of $1000 would result in this happening to the owner's equity drawing account
What is a debit of $1000?
A business has developed a Black Friday special and has used $5,000 to promote it. This account must be notated as a result.
What is an Advertising Expense?
Net Income is determined on the Income Statement and is listed on this Accounting Form?
What is a Statement of Owner's Equity?
An accident caused the supplies account to go from $1200 in value to $700. This is the value that must be entered in the adjustment column of the general journal
What is $500?
A balance sheet is designed to show this trait?
What is the value of assets, liabilities, owner’s equity in the business on a particular date.
A completed sale on account for goods and services for $500 would cause this to happen on the T-account equations?
A debit to Accounts Receivable and a credit to Sales/Owner's Capital