The Accounting Equation
Debits & Credits
The General Ledger
The Worksheet
Financial Statements
100
Assets = Liabilties + Owner's Equity
What is the Accounting Equation
100
Debits
What is the left side
100
A list of all accounts for a business, in order
What is the Chart of Accounts
100
The first two columns of the Work Sheet
What is the Trial Balance
100
Summary of Income and Expense for a Business
What is the Income Statement
200
Liabilities + Owner's Equity =
What are Assets
200
credits
What is right side
200
100 Accounts
What are assets
200
The second two columns on the Work Sheet
What are Adjustments
200
Profit and Loss Statement
What is the Income Statement
300
Owner's Equity
What is Assets - Liabilities
300
Normal Balance
What is the increase side
300
Capital
What is a 300 account
300
The Income Statement columns have a credit balance larger than the debit balance
What is Net Income
300
Statement of Financial Position
What is the Balance Sheet
400
Assets = 1000 Liabilites = 500 Owner's Equity =
What is 500
400
Accounts Payable Increase
What is credit
400
400 Accounts
What is Revenue
400
The Balance Sheet columns have a larger debit balance than credit balance
What is Net Income
400
Shows the change in Capital from the beginning of the period to the end of the period.
What is the Statement of Change in Owner's Equity
500
Accounts Payable = $500 Capital = $1200 Assets =
What is $1700
500
Drawing Increase
What is a debit
500
Putting info into the ledger from the journal
What is posting
500
Supplies and Prepaid Insurance
What are accounts that are adjusted
500
Permanent Accounts
What is on the Balance Sheet
M
e
n
u