Assets
The most important Asset
What is Cash
Money owed to a Vendor
What is Accounts Payable
Assets minus Liabilities =
What is Net Worth or Owner's Equity
The special journal used for all cash payments
What is the Cash Payments Journal
The General ledger expense account used for Gross Pay
What is Salary\Wages Expense
Items sold to customers on account
What is Accounts Receivable
What we refer to Companies we owe money to
Vendors
Investment (usually cash) that in contributed to the business by the owner
What is Capital
The Special Journal used to record all cash received
What is the Cash Receipts Journal
Payroll deductions are also referred to as these liabilities
What are Withholdings
An Asset that is also referred to as Inventory
What are Supplies
The General Ledger account used for money borrowed from a bank or lender
Loan Payable
The Normal balance (increase side) of the Capital account
What is the Credit (right) side
This Journal is used only when your company purchases merchadise "on account"
What is the Purchase Journal
The amount of hours worked over 40 hours during a week
What is Overtime
The Asset that is amortized (decreases) monthly
What is Prepaid Insurance
Another term that can be used for a Liability
What is Debt
The equity account name that is used when profits are distributed to stockholders
What are Dividends
The name of the report the lists all the customers that owe us money
What is the Accounts Receivable Summary Report
The tax form an Employer must provide all employees by January 31st
What is the W-2
The name of the Contra account used with Accounts Receivable
What is Allowance for Uncollectible Accounts
Payroll deductions that the Employer owes to the Federal Government
What are Payroll Tax withholdings
This Equity account represents an accumulation of all profits, losses and dividends paid
What is Retained Earnings
The Special Journal that is used to record Sales discounts
What is the Cash Receipts Journal
The acronyms for the two (2) Payroll taxes the employer must contribute to for Unemployment
What are SUTA and FUTA