Types of checks
What is a postdated check?
A check with the future date on it
What is a asset?
Anything owned
What side is the debit on?
The left side
What is a canceled check?
A check that has been paid by the bank
What is a liabilty
Anything owed
What side is the Credit on?
the right side
What is a NSF check?
A check that the bank refuses to pay
What is Owner's Equity?
The amount remaining after the value of all liabilities is subtracted from the value of assets
Which side is a Asset always increasing on
the debit side
What is a dishonored check?
A check dishonored by the bank because of insufficient funds in the account of the marker of the check
What is account balance?
The difference between increase and decrease in an account
Which side is a liabilty always increasing on?
The credit side
Waht is a vioded check?
A check that cannot be processed because the marker has made it invaild
What is prepaid expense?
Cash paid for an expense in one fiscal period that is not used until a later period
What side is the normal balance always on?
The increasing side