Assets
What account is used when a company buys equipment with cash?
Equipment
Money owed to suppliers is called what?
Accounts Payable
Owner investment increases what account category?
equity
which side of the journal entry is debt?
left side
Which financial statement shows assets, liabilities, and equity?
Balance sheet
Liabilities normally increase with a debit or credit?
credit
DIVIDENDS increase or decrease retained earnings?
decrease
what happens if debits and credits not equal?
journal entry is incorrect/unbalanced
Cash, accounts receivable,and intevntory are examples of what type of assets?
Current assets
A bank loan is an example of what?
liability
whar is the formula for accounting?
assets=liabilities+equity
buying supplies with cash affects which two accounts?
supplies and cash
debit
what liability account is used when employees earn wages but have not yet been paid?
salaries payable
which account records profits kept in the business?
retained earning
what is the journal entry for paying rent in cash?
DR RENT EXPENSE
CR CASH
Which asset account records money owed by customers?
Accounts receivable
unearned revenue means the company has received cash but not yet done what ?
provided the service/earned the revenue
issuing shares for cash increases cash and what other account?
share capital/common stock
What is the journal entry when a company receives cash from customers before providing service?
DR CASH
CR UNEARNED REVENUE