Debits & Credits
You buy a $100.00 piece of software
Checking Account, Software & Web Hosting Expense
Dr | Software & Web Hosting Expense | $100.00
Cr | Checking Account | $100.00
You buy a $5.00 lunch
Savings Account, Business Meals Expense
Dr | Business Meals Expense | $5.00
Cr | Savings Account | $5.00
You buy a $1.00 newspaper
Checking Account, Publication & Subscription Expense
Dr | Publication & Subscription Expense | $1.00
Cr | Checking Account | $1.00
You pay a contractor $500.00
Checking Account, Independent Contractor Expense
Dr | Independent Contractor Expense | $500.00
Cr | Checking Account | $500.00
You buy a $70.00 office chair
Credit Card, Furniture & Fixture Expense
Dr | Furniture & Fixture Expense | $70.00
Cr | Credit Card | $70.00
You earn $500.00 of Revenue
Checking Account, Sales Revenue
Dr | Checking Account | $500.00
Cr | Sales Revenue | $500.00
Your lunch was terrible so you get a refund for $5.00
Savings Account, Business Meals Expense
Dr | Savings Account | $5.00
Cr | Business Meals Expense | $5.00
You buy a new Playstation 4 for yourself for $400.00
Checking Account, Member Draw
Dr | Member Draw | $400.00
Cr | Checking Account | $400.00
You refund a client $500.00 because you did a terrible job
Checking Account, Returns & Allowances
Dr | Returns & Allowances | $500.00
Cr | Checking Account | $500.00
Your new office chair makes your back sore so your return it for $70.00
Credit Card, Furniture & Fixtures Expense
Dr | Credit Card | $70.00
Cr | Furniture & Fixtures Expense | $70.00
You buy a $500.00 piece of jewelry for your significant other
Member Draw, Checking Account
You buy a $40.00 bouquet of flowers for your client’s birthday
Gifts Expense, Checking Account
You get refunded $100.00 for a car repair gone wrong
Gas & Auto Expense, Checking Account
You own a coffee shop and buy $2,000.00 of coffee beans
Checking Account, Cost of Goods Sold
Dr | Cost of Goods Sold | $2,000.00
Cr | Checking Account | $2,000.00
You buy $30.00 of office supplies and $25.00 of food for your office kitchen
Credit Card, Office Supply Expense, Office Kitchen Expense
Dr | Office Supply Expense | $30.00
Dr | Office Kitchen Expense | $25.00
Cr | Credit Card | $55.00
You earn $1000.00 of revenue, but the payment processor took $10.00 in fees prior to depositing it into your account
Checking Account, Sales Revenue, Merchant Fees Expense
You put $400.00 of your personal funds into your checking account, and another $100.00 into your savings account.
Checking Account, Savings Account, Member Contribution
You reimburse an employee for $30.00 they spent on gas, $20.00 they spent on food, and $100.00 they spent on a hotel
Credit Card, Business Meals Expense, Gas & Auto Expense, Travel & Transportation Expense
Dr | Business Meals Expense | $20.00
Dr | Gas & Auto Expense | $30.00
Dr | Travel & Transportation Expense | $100.00
Cr | Credit Card | $150.00
You spent $500 on a new espresso machine for the office. It arrived damaged, so the company sent a new machine, and refunded $100 for the trouble.
Checking Account, Office Kitchen Expense
Hint: There are TWO transactions for this!
You paid $200 for a night at a hotel. The hotel accidentally double-charged your credit card but refunded the second transaction immediately.
Credit Card, Travel & Transportation Expense
Hint: There are THREE transactions for this!
You earn $2000 of revenue, but $800.00 got returned and the payment processor took $100.00 of fees prior to depositing it into your account
Checking Account, Sales Revenue, Returns & Allowances, Merchant Fees Expense
You transfer $500.00 from your Checking Account to your Savings Account
Checking Account, Savings Account, Money in Transit
Hint: There are TWO transactions for this!
Dr | Money in Transit | $500.00
Cr | Checking Account | $500.00
Dr | Savings Account | $500.00
Cr | Money in Transit | $500.00
You pay off $300.00 on your business credit card using your checking account
Checking Account, Credit Card, Money in Transit
Hint: There are TWO transactions for this
Dr | Money in Transit | $300.00
Cr | Checking Account | $300.00
Dr | Credit Card | $300.00
Cr | Money in Transit | $300.00
You earn $30,000.00 of revenue via Amazon. Amazon takes $8000.00 in fees and $2000.00 for marketing prior to depositing it into your account. There were also $1000.00 in returns.
Checking Account, Sales Revenue, Returns & Allowances, Marketing & Advertising Expense, Merchant Fees Expense
You withdraw $1000 from the ATM. You use $400 to buy a billboard, $300 for a company event, and $300 to rent a car.
Checking Account, Company Events Expense, Marketing & Advertising Expense, Travel & Transportation Expense