Basics
This is the Accounting Equation.
What is A = L + OE?
An amount recorded on the right side of a T-Account is called this.
What is a credit?
The year Mrs. Lease graduated from Susquehannock
What is 2009?
This is transferring information from a journal entry to a ledger account.
What is Posting?
This is the number of Mrs. Lease's jersey
What is #11?
This is an exchange of assets, liabilities or owner’s equity.
What is a Transaction?
A business would refer to their ____________ to know what accounts are open and could have change.
What is Chart of Accounts?
A claim against a customer created by selling merchandise or services on credit.
What is a accounts receivable?
The Normal Balance of Accounts Payable.
What is Credit.
Who is the most recent actor to play Spiderman
Tom Holland
What account is debited and what account is credited when Supplies are purchased for $300 with cash.
What is a debit of $300 to supplies and a credit of $300 to cash?
The side of the account that gets increased is called this.
What is the Normal Balance?
The most famous Disney character
Mickey Mouse
This is why expenses always are recorded on the debit side.
They reduce/decrease Owner's Equity.
What is the largest organ in the body?
This term indicates the purchase was made using credit.
What is "on account"?
This is the Normal Side of a Revenue account.
What is Credit?
The resources owned by a business.
What are assets?
This is the Greek god of thunder
Zeus
What macronutrient is the main source of energy?
Carbs
This account is the most utilized revenue account in accounting.
What is Sales?
If an amount is recorded on the side of a T account opposite the normal balance side, the account balance is this.
What is Decreased?
What account is credited and what account is debited when a business sold services on account to XYZ Company.
What is a debit to Accounts Receivable - XYZ Company and a credit to Sales?
The only mammal capable of flight
Bat
The only letter that doesn't appear in any US state name
Q