The Accounting Equation
Debits and Credits
Journalizing
Posting to a Ledger
Bank Reconciliation
100
An item you own that is worth something
What is an asset?
100
The normal balance of an asset account
What is a debit?
100
If you pay cash for supplies, this account is your debit
What is Supplies?
100
This is what you put as the post reference in the General Journal after you post an entry
What is an account number?
100
If your balance is $500 and you write a $50 check, this is your new balance.
What is $450?
200
Something that you owe
What is a liability?
200
The normal balance of a liability or owner's equity account
What is a credit?
200
If you pay cash for supplies, this account is your credit
What is Cash?
200
This is what you put as the post reference in the General Ledger after you post an entry
What is a journal page number?
200
If your balance is $450 and you make a deposit of $200, this is your new balance.
What is $650?
300
The amount of money your business is worth, or your assets minus liabilities
What is Owner's Equity?
300
The side of a t-account that increases for an account
What is a normal balance?
300
If you sell services on account to BHS, this account is your debit
What is "Accounts Receivable - BHS"?
300
If you have a credit balance in a ledger account and get another credit, you will ______ the new amount to get your new balance
What is add?
300
If you balance is $680 and you get a $30 bank service charge, this is your new balance.
What is $650?
400
This is the accounting equation
What is A=L+OE?
400
The total credit amount has to be equal to the total ____ amount for each transaction.
What is a debit?
400
If you sell services on account to BHS, this account is your credit
What is "Sales"?
400
If you have a credit balance in a ledger account and get a debit, you will ______ the new amount to get your new balance
What is subtract?
400
A deposit that appears in your records but not on your bank statement
What is an outstanding deposit?
500
Your business's liabilities if you have $1000 in assets and $700 in owner's equity
What is $300?
500
The opposite of the normal balance side is the side that does this
What is decrease?
500
The account that is debited when you journalize a bank service charge
What is "Miscellaneous Expenses"?
500
Your new balance if you have a credit balance of $500 and receive a $100 debit on the account
What is $400?
500
A check that appears in your records but not on your bank statement
What is an outstanding check?
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