Show:
Names of Accounts
Types of accounts
All About the Cash
The Journal
The Ledger
100
The name of the account used to keep track of how much money you have in the bank

CASH

100

Cash is what type of account

Asset

100

The name of the account used to keep an amount of cash available if needed.

Petty Cash

100

When buying on account you must credit which account?

Accounts Payable

100

When you are posting to the cash account a credit will be added or deducted from to calculate the new balance

deducted

200

The name of the account used to keep track of how much money they owner has invested in the business

Capital

200

Capital is what type of account

Owner's Equity

200

When writing out a check you must make an entry to Debit or Credit the cash account

Credit

200

When you pay your rent you will debit what account

Rent Expense

200

When posting to sales the balance will always be in which column?

credit

300

The name of the account used to keep track of how much money a person or business owes you

Account Receivable

300

Accounts Payable is what type of account

Liability

300

Bank Fees must be added or deducted from you bank account balance

deducted

300

When the owner withdraws cash from the business you will credit which account

Cash

300

When posting to expenses the balance will always be in which column?

Debit

400

The name of the account which represents an amount of money owed to another person or business

Accounts Payable

400

Accounts Receivable is what type of account

Asset

400

When you deposit money into your bank account you must make an entry to debit or credit the cash account

Debit

400

When there is a sale on account you must credit what account? 

Sales

400

When posting to Accounts Payable a debit will be added or subtracted from to calculate the new balance

subtracted

500

The amount of money used to keep track of how much money your business has made by providing products or services to others.

Sales

500

Sales is what type of account

Revenue

500

To make sure the balance in your checkbook matches the balance  your bank statement you must complete a bank _________________

Reconciliation

500

When a customer who owes you money makes a payment you will credit what account

Accounts Receivable

500

When posting to the Cash account a credit will be added or subtracted from the balance 

subtracted