Balance Sheet
Transactions
Terms
Transactions 2
Miscellaneous
100
What accounts are on the left side of the balance sheet?
What is assets
100
Paid cash for supplies, $200
What is cash -$200, supplies +$200
100
Decrease in OE resulting from the daily operations of the business
What is Expense
100
Paid cash for insurance-two accounts effected and how?
What is cash -, Prepaid insurance +
100
What kind of an account is accounts receivable?
What is Asset
200
What 2 kinds of accounts are on the right side of the balance sheet?
What is liabilities, owner's equity
200
Paid cash for rent, $500
What is cash -$500, capital -$500
200
Increase in OE resulting from operation of the business
What is Revenue
200
Bought supplies on account-2 accts affected and how
What is Supplies +, A/P +
200
What is the difference between Accts Pay and Accts Rec?
What is accts pay is money you owe others and its a liab, accts rec are others that owe you money and its an asset
300
What makes up the three lines of the heading?
What is Business Name, name of report, date
300
Received cash from sales, $350
What is cash +$350, capital +$350
300
Assets taken out of the business for the owners personal use
What is Withdrawal
300
Paid cash on account
What is cash -, A/P -
300
Should revenue be recorded at the time of the sale or when payment is received?
What is at the time of the sale
400
What does a single rule mean on the balance sheet?
What is a calculation is taking place-adding/subtracting
400
Paid cash to owner for personal use, $100
What is cash -$100, capital -$100
400
A sale for which cash will be received at a later date
What is sale on account
400
Received cash from owner as an investment
What is Cash +, Capital +
400
What are the two ways that owner's equity can be increased?
What is revenue and investment
500
What does the double rule mean on the balance sheet?
What is totals are verified as correct
500
Received cash on account, $200
What is cash +$200, A/R -$200
500
Planning, recording, analyzing, and interpreting financial information.
What is accounting
500
What are the 4 ways that owner's equity can be changed?
What is revenue, expense, investment, and withdrawal
500
What are two ways that owner's equity can be decreased?
What is withdrawal and expense
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