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Definitions
Misc.
Accounting Equation
Correct the Mistake(s)
Misc.
100
An amount recorded on the left side is called a _____.
Debit
100
Assets are found on the ____ side of the accounting equation.
Left
100
Draw the accounting equation on the marker board.
Assets= Liabilities + Owner's Equity
100
Received Cash from sales Increase cash on the credit side and increase sales on the credit side.
increase cash on the debit side
100
When is the test?
Monday, September 16th
200
An amount recorded on the right side is called a _____.
Credit
200
Liabilities and Owner's Equity are found on the _____ side of the accounting equation.
Right side
200
What accounts are affected? Received cash from owner as an investment, $10,000.
Cash and Capital
200
Sold services on account to Oakdale School. Increase sales on the credit side and decrease accounts receivable on credit side for Oakdale School.
increase accounts receivable on the debit side for Oakdale Schol
200
When the owner withdraws cash the owner's drawing account is A) increased by a debit B) increased by a credit C) Decreases by a debit D) decreased by a credit
A) increased by a debit
300
The side of the account that is increased is called the ______.
Normal Balance
300
The capital t account is under what in the accounting equation?
Owner's Equity
300
Which accounts are affected? Paid cash for supplies.
Supplies and cash
300
Received cash on account from Oakdale School. Increase cash on the credit side and decrease A/R on the debit side.
increase cash on debit side and decrease A/R on the credit side
300
The normal balance side of any revenue account is the _____ A) debit side B) credit side C) left side D) none of these
B) credit side
400
An accounting device used to analyze transactions is called _____.
T account
400
The normal balance for any asset is under the _____ side.
Debit
400
What accounts are affected? Bought supplies on account from Supply Depot.
Supplies and Accounts Payable(supply depot)
400
Paid cash for rent. Decrease cash on the credit side and decrease rent on the debit side
increase rent on the debit side
400
What are the two basic accounting rules that regulate increases and decreases of account balances?
1. account balances increase on the normal balance side of an account. 2. Account balances decrease on the side opposite to the normal balance of an account.
500
A list of accounts used by a business is called a ________.
Chart of Accounts
500
The normal balance for any liability is under the ____ side.
credit
500
Which accounts are affected? Paid cash on account to Supply Depot
Cash and Accounts Payable(Supply Depot)
500
Paid cash to owner for personal use. Decrease cash on the credit side and increase drawing on the debit side
Nothing is wrong!!
500
Thomas Bueler records all investments, revenue, expenses, and withdrawals in his capital account. To help Mr. Bueler prepare his summary in the future, what changes would you suggest he make in his records?
Create T accounts for sales, drawing, expenses, and capital