Basics
This is the Accounting Equation.
What is A = L + OE?
An amount recorded on the right side of a T-Account is called this.
What is a credit?
This is the action of recording transactions in chronological order.
What is journalizing?
This is transferring information from a journal entry to a ledger account.
What is Posting?
This is the number of Tegan's jersey number?
What is #2?
This is an exchange of assets, liabilities or owner’s equity.
What is a Transaction?
A business would refer to their ____________ to know what accounts are open and could have change.
What is Chart of Accounts?
A claim against a customer created by selling merchandise or services on credit.
What is a accounts receivable?
The Normal Balance of Accounts Payable.
What is Credit.
This is the name of the show we watched about popcorn.
What is the Profit?
This is the Journalization when Supplies are purchased for $300 with cash.
What is a debit of $300 to supplies and a credit of $300 to cash?
The side of the account that gets increased is called this.
What is the Normal Balance?
An account used for a proprietorship that represents owner's equity.
What is the capital account?
This is why expenses always are recorded on the debit side.
They reduce/decrease Owner's Equity.
What year was the sophomore class in preschool?
What is 2014?
This term indicates the purchase was made using credit.
What is "on account"?
This is the Normal Side of a Revenue account.
What is Credit?
The resources owned by a business.
What are assets?
This is one way you can always check to make sure you recorded your amounts on the correct sides.
What is...Use the Accounting Equation:
Do my total assets = total liabilities + total owner's equity?
What does CPA stand for?
What is Certified Public Accountant?
This account is the most utilized revenue account in accounting.
What is Sales?
If an amount is recorded on the side of a T account opposite the normal balance side, the account balance is this.
What is Decreased?
This is the journalization of the following transaction:
Sold services on account to XYZ Company.
What is a debit to Accounts Receivable - XYZ Company and a credit to Sales?
You start with a debit balance of $15000 in your assets account. You then add a debit $2700, a credit of $13000 and another debit of $9500. This is your current balance.
What is $14,200?
This is the publisher of our Accounting textbooks?
What is Cengage?