Source Documents
Debited account for Sales Invoice
Accounts Receivable
any kind of financial obligation that a business has to pay at the end of an accounting period to a person or a business
Liability
Which is an asset? Capital, Bank Loan, Equipment
Equipment
When a debtor pays cash, what is the cash account?
Debit
Equation to find Owner's Equity
Asset-Liability
Credited account for Cheque Copy
Bank
shows a company's revenues, expenses and profitability over a period of time
Income statement
Which is a Current Asset? Drawings, Supplies, Bank Loan
Supplies
To decrease a liability you would ____ the account
Debit
how to calculate Net Income
Sourced Document when bank withdraws money from your account
Bank Debit advice
a statement of a business's assets, liabilities, and owner's equity as of any given date
balance sheet
What is the equation to find HST Owed?
HST Payable-HST Recoverable
The Capital account should have what balance
Cedit
True or False: You can list a personal accounting record on a business balance sheet
false
Source Document when a sale of goods or service for cash occured
Cash Sales Slip
When a company purchases goods on credit which needs to be paid back in a short period of time,
account payable
True or False: Assets are typically listed first
True
A Mortgage Payable account should have what balance?
Credit
Depreciation Straight line method formula
Total value-Salvage value/years of life
True or False: HST Payable is debited in a Cash sales slip
False
assets a business uses, replaces and/or converts to cash within a normal operating cycle (typically less than 12 months).
current assets
How to find Increase in Capital
Net Income or Loss - Drawings
If an asset in the business is sold, the asset account must be ___
Credit
True or False: Long term assets must be listed at their purchase price
true