Lefties & Righties
A debit increases this type of account
What is:
Assets
Which side is credit on?
What is:
Left
What is the accounting equation?
What is:
Assets = Liabilities + Owner's Equity
What is:
A company's financial position at a specific point in time
What is an asset?
What is:
What you own
A credit increases this type of account
What is:
Liabilities or Owner's Equity
Cash received from owner investment affects which two accounts?
What is:
Cash and Capital
In the accounting equation, assets are always on which side?
What is:
Left
Cash, Accounts Receivable, and Supplies all belong on what section of the balance sheet?
What is:
Assets
What is a liability?
What is:
What you owe
Sales increases with a
What is:
Credit
Paying rent affects which side of Rent Expense?
What is:
Debit
If Assets = $10,000 and Liabilities = $6,000, what is Owner's Equity?
What is:
$4,000
Is Accounts Payable an asset, liability, or owner's equity account?
What is:
Liability
Define revenue
What is:
Money that is earned
Debits are on which side?
What is:
Left
What does "posting" mean?
What is:
Transferring amounts from the journal to the T-account
When a company earns revenue, which part of the accounting equation increases?
What is:
Owner's Equity
If assets = $20,000 and liabilities = $7,000, what is owner's equity?
What is:
$13,000
What is an expense?
A cost of the business
Accounts Payable and Capital
Show the increase of Supplies on a T-account
What is:
Debit Supplies for the amount of the increase
A business starts with $5,000 in cash from the owner, buys $2,000 of supplies on accounts - what are the new totals for assets, liabilities, and owner's equity?
What is:
Assets = $7,000, Liabilities = $2,000, Owner's Equity = $5,000
Classify the following:
Cash, Accounts Payable, Owner's Capital, and Office Equipment
What is:
Asset, Liability, Owner's Equity, and Asset
Accounting - Please Define
A business's financial information so you can see how the business is doing