The Accounting Equation
Items of value owned by the business or person
What are assets?
The left side of the T account
What is debit?
The difference between revenue and expenses when expenses are greater than revenue
What is net loss?
A book in which all parts of a transaction are recorded in one place
What is the general journal?
The number of students enrolled in our class.
What is 35?
The debts of a business or person
What are liabilities?
The right side of the T account
What is credit?
A financial statement showing net income or net loss for a specific period of time
What is an income statement?
What is written at the top right corner of a general journal page
What are page numbers?
The oldest student in our class.
Who is Markus?
A business or persons net worth
What is personal equity/owner's equity?
Indicates the mathematical accuracy of the ledger and provides a basis for the preparation of a balance sheet.
What is a trial balance?
The structure of the heading
What is who, what, when?
Always listed first in a general journal entry.
What are debit accounts?
The youngest student in our class.
Who is Ethan?
The accounting equation
What is assets = liabilities + owner's equity?
Strong Arm Fitness purchased new furniture on credit (they will pay for it later) from Sam’s Computers. The furniture cost $8,000.
What is Furniture debited for 8000, accounts payable credited for 8000?
Money spent in the general operation of a business
What are expenses?
What you write on the last line of a transaction in the general journal.
What is an explanation?
The student who "travelled the furthest" to take Accounting.
Who is Duong?
A financial picture of a company at a specific point in time
What is a balance sheet?
On August 15, Strong Arm Fitness purchased $12,000 of equipment. They paid $2,000 cash and the remaining amount of $10,000 was assigned to a bank loan.
What is equipment debited for $12,000, cash credited for $2,000, and bank loan payable credited for $10,000?
An account used to record the withdrawal of assets from the business by the owner for his/her/their personal use
What is drawings?
Business forms that contain evidence of business transactions on a certain date
What are source documents?
Hopps' age
What is 34?