Assets
Checking account balance (as shown in business records) currency, coins, checks received from customers but not yet deposited
What is Cash?
Amount owned to suppliers who provided goods and services to the business but did not require immediate payment in cash.
What is Accounts Payables?
A security that represents ownership in a corporation.
What is Common Stock?
A debit is made on this side of the account?
What is the left side?
Credits are recorded on the ______ side of the account.
What is the right side?
A physical object
What is a tangible good?
Amount owed to employees for hours but not yet paid.
What are wages payable?
You subtract these to items in the accounting equation in order to get owners equity.
What is Assets minus Liabilities?
These types of payments or accounts are made to help the company earn revenue
What are Expenses?
Credits______as debits______.
What is increase and decrease?
A plot you prepare to use for business
What is land?
The amount of interest due on the principal of a loan or note
What is interest payable?
These type of stockholders have a higher claim to dividends or asset distribution than common stockholders.
What is preferred?
You debit this account_____ when you purchase new inventory.
What is inventory?
Revenues and Expenses are on this financial statement.
What is the Income Statement?
Amounts owed to the business for services performed or products sold but not yet paid
What is Accounts Receivables?
The amount of taxes owed to the Internal Revenue Service (IRS)
What are Taxes Payable?
The distribution of a company's earnings to its shareholders and is determined by the company's board of directors
What are dividends?
Debits are normally in the _____ category on this financial statement.
What is Balance Sheet?
This credit account category is one in which a business owes something.
What is a liability?
Items used to run the day to day operations of a business
What are supplies or equipment?
Amounts received in advance of delivering goods or providing services. When the goods are delivered or services are provided, this liability amount decreases
What are Unearned Revenues?
This type of equity is something the owner invests.
What is capital?
Debits______ as credits decrease.
What is Increase?
These types of accounts are credit accounts _____, _____, and _____.
What are liability, equity, and revenue accounts?