Accounts
The account that increases/decreases when money moves around the business
What is Cash in Bank?
The accounting equation
Henry is selling Mila a T-shirt on credit. What is Henry's role in the purchase?
What is a creditor?
Property or items of value owned by a business
What is assets?
The Account showing how much customers owe a business for goods or services they received on credit
What is Accounts Receivable?
An owner withdrawals cash from their business. What side of the accounting equation decreases?
What is both?
Kaleb invests $900 into his business. What asset account is increased?
What is Cash in the bank?
What is liabilites?
What account is Increases when owner invests in the business
What is Owners Equity
Accounts payable increases. What must happen to assets to keep the equation in balance?
What is the increase?
Mila buys taxidermy mermaid from robert this is an example of...
What is a business transaction?
The accounting term for for financial claim to assets
What is equities?
Henry’s business just went into debt, but he still has some customers that owe him money in this account.
What is The Accounts Receivable account?
Henry owes a creditor $550 for hair products. If he pays off $250, how is the capital account affected?
What is not affected?
John Doe invests $500 cash and a $400 computer into his new business. What account is increased?
What is the Owner's Capital?
The business or person selling you the item on credit
What is a creditor?
What is owner's capital and cash in bank?
If making a partial payment in cash from a service on account, what two accounts decrease?
What is accounts payable and cash in bank?
You invoice a customer $3,000 on 8/28 for work completed. The customer doesn’t pay until 9/20. What Balance of cash shows in both August and in September under cash accounting?
What is $0 in August and $3000 in September?
Anything of value that a person or business owns and therefore controls
What is property?