BLUE
You buy a $100.00 piece of software
Cash Account, Software Expense
Dr | Software Expense | $100.00
Cr | Cash Account | $100.00
You buy a $5.00 business lunch
Cash Account, Business Meals Expense
Dr | Business Meals Expense | $5.00
Cr | Cash Account | $5.00
You buy a $1.00 newspaper
Cash Account, Publication & Subscription Expense
Dr | Publication & Subscription Expense | $1.00
Cr | Cash Account | $1.00
You pay a contractor $500.00
Cash, Contractor Expense
Dr | Contractor Expense | $500.00
Cr | Cash Account | $500.00
You buy a $70.00 office chair
Cash Account, Furniture & Fixture Expense
Dr | Furniture & Fixture Expense | $70.00
Cr | Cash Account | $70.00
You earn $500.00 of Revenue
Cash Account, Sales Revenue
Dr | Cash Account | $500.00
Cr | Sales Revenue | $500.00
Your business lunch was terrible so you get a refund for $5.00
Cash Account, Business Meals Expense
Dr | Cash Account | $5.00
Cr | Business Meals Expense | $5.00
You buy a new computer for $800.00
Cash Account, Computer Equipment
Dr | Computer Equipment | $400.00
Cr | Cash Account | $400.00
What type of business has one owner?
Proprietorship
Your new office chair makes your back sore so your return it for $70.00
Cash Account, Furniture & Fixtures Expense
Dr | Cash Account| $70.00
Cr | Furniture & Fixtures Expense | $70.00
You earn $1000.00 of revenue, but the payment processor took $10.00 in fees prior to depositing it into your account
Cash Account, Sales Revenue, Merchant Fees Expense
Dr | Cash Account | $990.00
Dr | Merchant Fees Expense | $10.00
Cr | Sales Revenue | $1000.00
If the owner's equity in a business is $50,000 and the liabilities are $13,000, how much are the assets?
Assets = $63,000
You pay off $300.00 on account
Cash Account, Accounts Payable
Dr | Accounts Payable | $300.00
Cr | Cash Account | $300.00
What information flows from the statement of owner's equity to the balance sheet?
Owner, Capital
You buy $30.00 of office supplies and $25.00 of food for your office kitchen
Cash Account, Office Supply Expense, Office Kitchen Expense
Dr | Office Supply Expense | $30.00
Dr | Office Kitchen Expense | $25.00
Cr | Cash Account | $55.00
You earn $2000 of revenue, and the credit card payment processor took $100.00 of fees prior to depositing it into your account
Cash Account, Sales Revenue, Merchant Fees Expense
Dr | Cash Account | $1,900.00
Dr | Merchant Fees Expense | $100.00
Cr | Sales Revenue | $2000.00
You pay $500.00 towards a bank loan. $350 goes to the principal balance and $150 goes to paying interest
Cash Account, Accounts Payable, Interest Expense
Dr | Accounts Payable | $350.00
Dr | Interest Expense | $150.00
Cr | Cash Account | $500.00
You reimburse an employee for $30.00 they spent on gas, $20.00 they spent on food, and $100.00 they spent on a hotel
Cash Account, Business Meals Expense, Gas & Auto Expense, Travel Expense
Dr | Business Meals Expense | $20.00
Dr | Gas & Auto Expense | $30.00
Dr | Travel Expense | $100.00
Cr | Cash Account | $150.00
You earn $30,000.00 of revenue via Amazon. Amazon takes $8000.00 in fees and $2000.00 for marketing prior to depositing it into your account.
Cash Account, Sales Revenue, Marketing & Advertising Expense, Merchant Fees Expense
Dr | Cash Account | $20,000.00
Dr | Marketing & Advertising Expense | $2000.00
Dr | Merchant Fees Expense | $8000.00
Cr | Sales Revenue | $30,000.00
The financial statement dated for a specific date is the?
Balance Sheet
The owner of a business uses their own personal funds to build a $150,000 home for themselves.
Cash Account, Building
Not a business transaction
You buy a $40.00 bouquet of flowers for your client’s birthday
Cash account, Gifts expense
Dr | Gifts Expense | $40.00
Cr | Cash Account | $40.00
An increase in Owner's Withdrawals is recorded as a:
Debit
A T-Account has two sides called the:
Debit and Credit
You earn $9000.00 of service revenue and you will be paid in 30 days
Dr | Accounts Receivable | $9000.00
Cr | Service Revenue | $9000.00