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Vocabulary
Analyzing Accounting Equation
Using T Accounts
Increases and Decreases in accounts
Previous Chapters
100
T Account
What is an accounting device used to analyze transactions.
100
Assets=Liabilities + Owner's Equity
What is the accounting equation.
100
T Account
What is an accounting device used to analyze transactions.
100
Increases Cash
What is receiving cash from owner, customer or from sales called?
100
Proprietorship
What is a single owner of a business called?
200
Debit
What is an amount recorded on the left side of an account.
200
= is in balance
What is the total of all assets = total of all liabilities and owner's equity.
200
Left side
What is the debit side of an account?
200
Cash decrease
What is paying cash for supplies, expenses and to owner for personal use.
200
Capital
What is the account used to summarize the owner's equity in a business called?
300
Credit
What is an amount recorded on the right side of an account.
300
Account
What is a record summarizing all the information pertaining to a single item in the accounting equation.
300
Right Side
What is the credit side of an account?
300
Buying on account
What is purchasing merchandise on account?
300
Balance Sheet Accounts
What is any asset, liability or owner's equity account called?
400
Normal Balance
What is the side of the account that is increased.
400
Transactions
What is changing the balances of accounts in the accounting equation.
400
Liabilities Normal Balance
What is the credit side?
400
Selling on account
What is providing services to a customer for a charge amount.
400
Sales
What is a revenue account called?
500
Chart of Accounts
What is a list of accounts used by a business called
500
Analyzing
What is done to determine how account balances are changed.
500
Assets Normal Balance
What is debit side of account.
500
Expenses
What is a debit to Capital.
500
Expenses
What is a transaction account that decreases capital?