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Terms
What Accounts are Affected?
Terms #2
Other
100
left side
What is debit?
100
the owner, opened a checking account for the business by depositing $60,000 of her personal funds.
What is cash and owners equity
100
right side
What is credit
100
how old is Mr.Nytz's son
What is 8 months (DAILY DOUBLE!!)
200
money owed to a business
What is account receivable?
200
bought hiking equipment for the business by writing a check for $3,000
What is cash and hiking equipment
200
regular period of time, month or a year where statements are drawn up
What is accounting period
200
Assets=Liabilities+Owners Equity
What is the accounting equation
300
money spent to keep a business running
What is expense? (DAILY DOUBLE!!)
300
paid by check the monthly rent of $3,000
What is cash and expenses (utilities)
300
legal right to an item
What is financial claim
300
at least how many accounts must be affected by each business transaction.
What is 2
400
money to the owner or owners of the business
What is owners equity?
400
purchased office equipment on account for $4,000
What is office equipment and liabilities.
400
the business or person selling you the item on credit
What is creditor
400
anything of value that a business or person owns and therefore controls.
What is property
500
an economic event that effects two or more accounts. either an increase or decrease
What is business transaction?
500
wrote a check to a creditor as partial payment on account, $1,500.
What is cash and account payable (DAILY DOUBLE!!)
500
is money or other property paid out in order to produce profit
What is investment
500
Harassment Intimidation Bullying
What is HIB