Debits and Credits
If the owner invests money into the business in the form of cash, what would we debit and what would we credit?
Debit Cash, Credit Capital
Marcus Johnson opened a checking account for Level Up Arcade & Entertainment and deposited $40,000 of his personal money into the business.
What is Accounts Payable
What type of account is it classified as
refers to the money a business owes to its suppliers, vendors, or creditors for goods or services received on credit but not yet paid
It is a liability
What animal is traditionally associated with witches?
Black Cat
2024
The Business buys supplies on account from a supply distributor
Debit: Supplies
Credit: Accounts Payable
Level Up Arcade purchased $8,000 worth of new arcade machines on account from a supplier.
What is accounts receivable
What type of account is it?
the money that customers owe your business for goods or services that you have already delivered.
It is an asset account.
What candy bar shares its name with a planet in our solar system?
Mars
In what year did Maine South Football last win a state championship?
2016
The Business paid rent on the factory for this month using cash.
Debit: Rent Expense
Credit Cash
Level Up Arcade hosted a birthday party and received $1,500 in cash from the customer.
What account keeps track of all the money the business makes?
What does it do to the capital account
Sales (Revenue)
It increases the capital account
What 1978 horror movie introduced the character Michael Myers?
Halloween
Who has the currently most streamed song on Spotify this year (By a Solo Artist)? It has been streamed 680 Million Times.
(Hint: he performed in Chicago in May)
Bruno Mars "Risk it All"
The business made a new printer for a school district. There is an agreement that the school district will pay for the printer at a later date
Debit: Accounts receivable
Credit: Sales
Level Up Arcade paid $3,000 toward the $8,000 owed for the arcade machines purchased earlier.
What is the name of the type of account that tracks all of the money the business spends on stuff the business needs to run?
What does it do to the capital account?
Expenses.
It decreases the capital account
What U.S. state produces more pumpkins than any other state?
Illinois
What famous Chicago company created the first handheld mobile phone in 1973?
Motorola
If the owner invests computers into the business, what is debited and what is credited?
Debit: Computer Equipment or just Equipment
Credit: Capital
Level Up Arcade provided $4,500 worth of entertainment services for a corporate event. The customer paid $2,000 immediately and agreed to pay the remaining $2,500 next month.
(Hint: there are two debits and one credit)
What is the name of the account that tracks the owner's withdrawals from the company? What does it do to the Capital Account?
Drawings
It decreases the capital account
What famous Chicago hotel is associated with the ghost of gangster Al Capone and other paranormal legends?
Congress Plaza Hotel
Before becoming Park Ridge, the town was known by what name that sounds like a place full of spare change?
Pennyville