The Owner's Drawings account is where you would record an investment of cash made by the owner.
What is False? (You would record the investment of cash made by the owner in the Owner's Capital account!)
100
The owner invests money into the business.
What is debit Cash & credit Owner's Capital account?
100
How many eggs can you put in an empty basket?
What is one? (After that the basket is not empty!)
200
A decrease in owner's equity resulting from the operation of the business.
What is an expense?
200
Cash
What is an asset?
200
Realization of Revenue is when revenue is recorded at the time goods or services are sold.
What is True?
200
Sold services on account.
What is debit A/R & credit Sales?
200
When things go wrong, what can you always count on?
What is your fingers?
300
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
What is the Balance Sheet?
300
Owner's Capital account.
What is an Owner's Equity account?
300
The Normal Balance of the Advertising Expense account is the credit side of the account.
What is False. (The Normal Balance of Expense accounts is always the Debit side of the account!
300
Paid cash on account to Joe's Supply Co.
What is debit A/P - Joe's Supply Co. & credit Cash?
300
Jackie's mom has seven kids: Maddie, Madeleine, Madison, Magdalena, Marion, and Monica. What is the name of the 7th child?
What is Jackie?
400
The side of the account that is increased.
What is the Normal Balance?
400
Rent Expense
What is an Owner's Equity account?
400
The accounting concept of Going Concern is applied when a business is going under and prepares their final financial statements.
What is False? (The accounting concept of Going Concern is applied when financial statements are prepared with the expectation that a business will remain in operation indefinitely.)
400
The owner withdraws money from the business for personal use.
What is debit Owner's Drawing account & credit Cash?
400
Four men are driving and they come to a 4-way stop at the same time, each car on a different side.
They all start their cars at the exact same time, and move ahead, without crashing each other they go on their way.
What is they all turned right?
500
An increase in owner's equity resulting from the operation of the business.
What is revenue?
500
Accounts Receivable
What is an asset account?
500
For every debit part of a transaction there is a credit.
What is True?
500
Paid cash for Utilities Expense.
What is debit Utilities Expense & credit Cash?
500
Two fathers and two sons sit down to eat eggs for breakfast. They ate exactly three eggs, they ate one egg each. Explain.
What is one of the "fathers" is also a grandfather? (one father is both a son and a father)