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Definitions
Balance Sheet
Accounting Equation
T-Accounts
Journalizing
100
Planning, recording, analyzing, and interpreting financial information
What is Accounting?
100
Encore Music Balance Sheet October 8, 2015
What is the name of the business, name of the sheet, and the current date?
100
Assets = Liabilities + Owner's Equity
What is the accounting equation?
100
Debit
What is the normal balance side for asset accounts?
100
In the first box
Where should the year be written on the journal?
200
the name given to the account
What is Account Title?
200
Left side
Where is the Asset section?
200
11,000
What is ____ = Liabilities (3000) + Owner's Equity (8000)
200
Credit
What is the normal balance side for Liability accounts?
200
Owner invests 10,000 into the business.
What is general credit and cash debit?
300
a financial statement that reports assets, liabilities, and owner's equity.
What is a Balance Sheet?
300
Cash, Supplies, Prepaid Insurance, Accounts Receivable
What are the accounts under assets?
300
Cash increases, Owner's Equity increases
What two accounts are affected when cash is received from the owner as an investment?
300
Owner's Capital account and Owner's Sales account
What two accounts in Owner's equity have their normal balance on the credit side?
300
received cash from sales
When do you use a check mark for the account title?
400
an amount recorded on the right side
What is credit?
400
Located at the top of the balance sheet on the right.
What is Liabilities?
400
supplies increases, liabilities increases
What two accounts are affected when you buy supplies on account?
400
Drawing and Expense
What two accounts from Owner's Equity have their normal balance side on the asset side?
400
When supplies are bought on account.
When do you list two account titles?
500
the account used to summarize the owner's equity in a balance.
What is Capital?
500
Located on the left and includes the Capital account
What is Owner's Equity?
500
Cash decreases, liabilities decreases
What two accounts are affected and how when you pay cash on account?
500
Dollar Signs $
What is never written in a T-Account
500
Carried Forward
What do you write in the account title at the end of a page?