Accounting Equation
Equals the sum liabilities and stockholders' equity
What is an asset?
Simplest form
Sole proprietor
The 1st statement prepared
What is the income statement?
The minimum number of accounts affected
What is 2?
The 2nd step in the cycle
What is journalize?
This happens to the equation when rent is paid
What is assets go down and stockholders' equity goes down?
Offers an unlimited life
What is corporation?
The statement that lists what a business owns
What if the balance sheet?
Do this to increase an asset account
What is debit?
The number of trial balances prepared
What is 3?
The 4 things that can change Stockholder's Equity
What is revenue, expenses, dividends and stock sale?
Always has at least 2 owners
What is partnership?
Subtracted from Retained Earnings
What is dividends?
Indenting an account in the journal signifies this
What is you are crediting the account?
Entries to bring accounts up-to-date prior to statement preparation
What are adjusting entries?
The 2 things that decrease Stockholder's Equity
What are dividends and expenses
Possible types of entity(s) with 10,000 owners
What are partnerships and corporations
Net Income when rent expense is $400, dividends paid are $200, fees earned is $1,300 and utility expense is $500
What is $400
The entry to bill a customer for services
What is debit A/R and credit service revenue?
These accounts are temporary accounts
What are revenue, expense, income summary and dividends?
Total SE when assets go up 10 and liabilities go down 4
What is 14?
Gives owners unlimited liabilities
What are sole proprietorship and partnership?
What are operating, investing and financing?
Accounts used to record purchased a building paying 30,000 is cash and signing a mortgage for the balance
What are building, cash and mortgage payable?
The credit account title to close dividends
What is dividends?