Identifying Terms
Chapter 2
Analyzing Transactions Debit or Credit
100

accounting device used to analyze transactions

What is a T-ACCOUNT?
100

Amounts to be paid in the future for services already acquired.

What is Accounts Payable?

200

An amount recorded on the left side of an account. 

What is a Debit?

200

Received Cash  from owner as an investment

Debit, Cash

Credit, Capital

300

An amount recorded on the right side of an account.

What is a credit?

300

Paid Cash for insurance

Debit Prepaid Insurance

Credit, Cash 

400

Amounts received in the future due to the sale of goods or services.

What is Accounts Receiveable?

400

Brought Supplies on account to City Supplies

Debit Supplies

Credit Accounts Payable

500

A list of accounts used by a business.  

What is Chart of Accounts?
500

Paid Cash to owner for personal use 

DEBIT Owner's Drawings

Credit Cash

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