Account classifications
Cash classification
What is an Asset?
Is cash considered a debit or credit?
What is Debit?
What is one account that goes under assets?
What is Cash, Accounts Receivable, Supplies, Prepaid Insurance, etc.
What is the first thing you write when starting a Journal entry?
What is the date?
What is cash's account number?
Accounts payable classification
What is a Liability?
What is money being withdrawn from an account?
What is Debit?
What account goes under revenue?
What is sales?
What is the first thing you write when starting a new page for your journal entry?
What is the page number?
What are the 5 parts of a general ledger?
What is Assets, Liabilities, Equity, Revenue, and Expenses.
What would go up if I received an investment from the owner?
What is Owner's Equity?
What increases a liability?
What are the 5 primary accounts?
What is Assets, Liabilities, Equity, Revenue, and Expenses.
How many different accounts are in a journal entry?
What is two?
What is a general ledger used for?
A general ledger is used to record a company's ongoing transactions.
What goes up if I paid cash for supplies?
What is Assets/Supplies?
Does credit make an asset increase or decrease?
What is decrease?
What is the accounting equation?
Assets = Liabilities + Equity
Purchased office supplies on account, $300
office supplies: $300 (debit)
accounts payable: $300 (credit)
Paid rent of $400
rent expense:(rent expense account)
cash:(cash account)
Prepaid Insurance classification
What is an Asset?
Should a $500 entry to the Cash account be a debit?
What is Yes?
Which account is affected if I withdraw money?
What is Owner's Equity?
Paid salary expense of $3,000
salary expense: $3,000 (debit)
cash: $3,000 (credit)
Which accounts would this affect on the general ledger?: received $3,100 from customer as a payment on the customers account
What is cash, accounts receivable