Basics
Account Names
Business Transactions
Describing Business Transactions
BONUS
100
What is the Accounting Equation?
Assets = Liabilities + Equity
100
The phrase "purchased on account" tells us that what account is being used in a business transaction?
Account Payable
100
Assets = $8,000
Liabilities = $3,000
Equity = ?
$5,000
100
Describe the Business Transaction:
Cash In Bank + $30,000
Owner Capital + $30,000
The owner invested $30,000 into the business
100
What number did the main character in Squid Games wear on his jumpsuit?
456
200
What are the 2 types of financial claims?
* Hint: They are represented in the accounting equation *
Creditors Financial Claim
Owners Financial Claim
200
What account represents the money earned for a service performed or sale that is made?
Revenue
200
What accounts are affected by this transaction?
Wrote a check for the monthly rent, $800.
Cash in Bank, Expenses
200
Describe the Business Transaction:
Cash in Bank - $2,000
Office Equipment + $2,000
Purchased office equioment with cash, $2,000
200
Guess the workd or phrase: 
Greenhouse
300
What is the difference between Accounts Payable & Accounts Receivable?
Accounts Payable is the creditors financial claim on the business - it is how much the business owes to a creditor.
Accounts Receivable is how much the business is OWED.
300
What account shows the amount the Owner takes OUT of the business?
Owner, Withdrawals
300
What accounts are affected by this Transaction?
The owner transferred a desk valued at $500 from her home to the business.
Asset - Office Furniture
Equity - Crista Vargas, Capital
300
Describe the Business Transaction:
Cash in Bank + $700
Revenue + $700
Received $700 for services performed.
300
Guess the phrase or word:
Metaphor
400
What is the sub equation under Equity?
Owner, Capital - Owner, Withdrawals + Revenue - Expenses
400
What are 2 examples of an Expense?
Rent, Utilities, Advertising
400
Identify accounts & whether they are increasing or decreasing:
The business purchased equipment with cash for $12,000.
Cash in Bank decreasing
Equipment increasing
400
Describe the Business Transaction:
Cash in Bank -$3,000
Accounts Payable -$3,000
Issued a $3,000 check to a creditor
400
Guess the phrase or word: 
"Try to Understand"