Journal Entry
Free 100 points
Free 100 points
If an item is owned by a business it is what?
a asset
What is Mr baums favorite feature about accounting
money, cars, and math
What is DC ADE LER
Debit ---- Credit
Asset ---- Liabilities
Draw ---- Equity
Expenses - Revenue
How much money did Rita Crundwell steal?
53.7 million
Daniel invested $10,000 dollars into his company
Debit - Cash in bank
Credit - Owners equity
when you buy something and agree to pay for it later what is that called?
a credit
Who created accounting
Who is Luca Pacioli
what is accounting meant for and used for
the process of recording, classifying and summarizing financial transactions
How old was Rita when she got arrested?
she was almost 60 years old
Daniel owes the land mowing company $400 and he pays them in cash
Debit - Lawn mowing Expense
Credit - Cash in bank
The amount of money owed by customers or clients to a business after goods or services have been delivered or used what is this?
this is accounts receivable
What are taxes
the subsector of accounting that deals with the preparations of tax returns and tax payments
what is a accountant
a person who solves that you didn't even know existed in a way that you don't understand
How many horses did Rita Crundwell own?
she had 400 quarter horses in total.
Daniel owed the electricity company $500 dollars by the end of the month, but decided to pay om account.
Debit: Electricity Expense
Credit: Accounts Payable.
what is accounting
a way of recording and reporting financial transactions for a business or organization.
how much money does an accountant yearly make
50k-150k a year
what is one golden rule of accounting
debit what comes in - credit what goes out
what was Ritas Crundwells most expensive investment?
2.1 million dollars in a motor home fully customized to her liking.
Debit: Adverting expense
Credit: Cash in bank
what is a general ledger?
a complete record of the financial transaction over the life of a company.
Who cause the biggest accounting fraud in the world
what is the accounting equation
assets=liabilities+capital
Out of all the people she hurt by putting the town over the edge, who was the one who was hurt the most?
Kathe swanson which was her partner at work