Accounts Classifications
Accounting equation...
What is assets = liabilities + Owner's equity
Recording both the debit and the credit parts in a journal, reflecting the dual effect of each transaction is called...
Double-Entry Accounting
The word to indicate that an entry will be recorded on the left side of an account is...
What is debit?
Cash account number...
What is 110?
What is the account classification for accounts receivable
Asset
The difference between assets and liabilities...
What is equity?
After writing the date, account and amount debited, the account title credited on the next line must always be...
The normal balance for supplies expense account...
Assign account numbers by...
What is 10s?
The preferred type of net balance that an account should have is also called...
Normal Balance
Accounts Payable- Lennys Lightbulb's would be classified as a..
Liability
If starting a new page, the first entry's date must include...
The abbreviated month
Revenues involved in a transaction, a revenue account will be...
What is credited?
For a normal ledger account you add if it is..
what is a debit?
What is Rent Expense normal balance
Debit
The difference between personal assets and personal liabilities...
What is personal net worth?
what is the source document number for calculator tape from April 6th
T6
Which account is credited when a company receives $3,000 from a customer...
What is Accounts Receivable?
The Post. Ref. in a ledger is always...
What is the general journal page number?
List accounts affected and whether they are debited or credited
Paid cash for heating bill, $165.00. C8.
Utilities Expense, Debit
Cash, Credit
List the 5 main accounts in a chart of accounts
The post reference number is...
that account's account number
When decreasing the balance in a drawing account, would you debit or credit the account...
What is Credit?
Account number for a new postage expense account...
530- Miscellaneous expense
540- Rent expense
List accounts affected and whether they are debited or credited
Received Cash on account from Lenny's Lightbulbs $130 C4
Cash, Debit
Accounts Receivable-Lenny's Light Bulbs, Credit