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Account Classification, Normal Balance Side
MORE Acct Classifications, Normal Balance Side
T-Account Transactions
T-Account Transactions Cont.
Terms
100
Cash
What is an Asset, Debit Normal Balance
100
Supplies
What is Asset, Debit Normal Balance
100
Paid $50 Cash for Supplies.
What is Supplies Debited, Cash Credited
100
Received $400 Cash from Sales
What is Cash Debited, Sales Credited
100
This term simply means Right Side.
What is credit?
200
Sales
What is O.E., Credit Normal Balance Side
200
Accounts Receivable
What is Asset, Debit is Normal Balance Side
200
Paid $100 Cash for Insurance.
What is Prepaid Insurance Debited $100, Cash Credited $100
200
Received Cash on Account
What is Cash Debited, Accounts Receivable Credited
200
This term simply means Left Side
What is Debit?
300
Capital
What is O.E., Credit is Normal Balance Side
300
Revenue
What is O.E., Credit is Normal Balance Side
300
Paid $150 Cash on Account.
What is Accounts Payable Debited, Cash Credited.
300
Received Cash investment of $200 from owner
What is Cash Debited $200, Capital Credited $200
300
The side of the account that is increased is call this...
What is Normal Balance Side?
400
Prepaid Insurance
What is Asset, Debit is Normal Balance Side
400
Accounts payable
What is Liability, Credit Normal Balance Side
400
Paid $400 Cash for Rent
What is Rent Expense Debited, Cash Credited
400
Bought Supplies on Account
What is Supplies Debited, Accounts Payable Credited
400
This is an accounting device used to analyze transactions.
What is a T-Account?
500
Expense
What is O.E, Debit Normal Balance Side
500
Drawing
What is O.E, Debit Normal Balance Side
500
Sold $200 of Services on Account
What is Accounts Receivable Debited, Sales Credited
500
Paid $150 to owner for personal use.
What is Drawing Debited, Cash Credited
500
This is a list of accounts used by a business.
What is a Chart of Accounts?