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vocabulary
adjustment
balance sheet
income statement
miscellaneous
100
statement showing the asset, liability, and owner equity
What is a balance sheet
100
found in this document
What is a worksheet
100
first thing you write on the balance sheet
What is company name
100
second thing you write on this document
What is income statement
100
received cash from owner as an investment
What is debit cash and credit capital
200
beginning supplies is 895.00 and ending supplies is 450.00
What is an adjustment of 445.00
200
cash, petty cash, accounts receivable
What is an asset
200
sales
What is revenue
200
sold services on account
What is debit accounts receivable and credit sales
300
proof of equity of debits and credits in a general ledger
What is a trial balance
300
beginning prepaid insurance 1200.00 and ending prepaid insurance 1000.00
What is an adjustment of 200.00
300
accounts payable
What is a liability
300
insurance expense, supplies expense
What is expense
300
received cash from sales
What is debit cash and credit sales
400
length of time for which a a business summarizes and reports financial information
What is a fiscal period
400
2 accounts used for amount of supplies used is 445.00
What is debit supplies expense and credit supplies
400
Kim park, capital
What is owner equity
400
credit is greater than the debit
What is net income
400
paid cash to owner for personal use
What is debit drawing and credit cash
500
changes recorded on a worksheet to update general ledger accounts at the end of a fiscal period
What is an adjustment
500
2 accounts used for amount of insurance used is 200.00
What is debit insurance expense and credit prepaid insurance
500
How you calculate current capital balance with net income
What is current capital balance plus net income minus drawing
500
component percentage for total expenses
What is total expense divided by total sales
500
bought supplies on account
What is debit supplies and credit accounts payable