Vocab
This is on the left
What is a debit
The way people pay for things right now
What is cash
Pay for it later
what is a accounts payable
Joe Smith makes an investment
What is Joe Smith Capital
Favorite movie
What is wizard of oz
This is on the right
What are credits
Pencils, paper, staplers, pens
What are supplies
Side that increases
what is credit
Joe takes money from company
What is Joe Smith, drawing
College
What is Stetson
Things we own
what are assets?
Car, home, life, health, business
What is prepaid insurance?
Side that decreases
what is a debit
Pay rent
What is rent expense
City I grew up in
What is Spartanburg
Things we owe
What are liabilities?
Someone owns us money
What is accounts receivable?
An amount owed
what is liability
sold an item
What is sales
Mascot of my college
What are the hatters
Sales, investments, expenses, withdrawls are under this category,
what is owners equity?
Checks, currency, coin, credit cards, debit cards
What is cash?
Normal balance side
what is credit
paid electric bill
What is utility expense
Has this many children
What are 2