Accounting Equation
What is $6,000?
These appear at the end of a movie or TV show.
What are Credits?
The three components of the accounting equation.
Ten.
What is Net?
Purchasing supplies will debit the _____ account and credit the Supplies Expense account.
What is Supplies?
Assets increase by $5,000 from a loan. _____ also increases.
What is Liabilities?
The name of a popular thrift store chain.
What is Goodwill?
The left and right sides of a T-chart, respectively.
What are Debits and Credits?
Direct.
What is Credit?
Your company collects $1,000 cash from customers billed on October 1st. ____ is debited while Accounts Receivable is credited.
What is Cash?
In your company, owners invest $20,000 in exchange for common stock in ABC Inc. Assets will _____, while equity will _____.
What is Increase?
In a video game, this is where the items on your character are.
What is Inventory?
The full name for the acronym GAAP.
What is Generally Accepted Accounting Principles?
States.
What is Assets?
Your company bills customers $3,000 for services performed. Accounts Receivable is debited, while _____ _____ is credited.
What is Service Revenue?
Your company pays off a short-term liability of $7,000. Assets will be _____, while liabilities will be ______.
What is Decreased?
The last name of a late iconic Christopher Nolan villain.
What is Ledger?
The full name for the acronym FASB.
What is Financial Accounting Standards Board?
Detainer.
What is Detainer?
If your company pays $250 for the maintenance on a vehicle, the _____ and _____ Expense account will be debited.
What is Maintenance and Repairs Expense?
Your company purchases a new machine for $1,000 cash. Assets will decrease, while _____ will increase.
What is Assets?
Gear tooths fitted into slots in a gearwheel. In accounting, this word is an acronym.
The process of transferring figures from a journal to the general ledger.
What is Posting?
A prediction.
What is Depreciation?
Your company purchased a new truck for $10,000, and $4,000 of it was paid in cash. The $6,000 balance on account will be a _____ to _____ _____.
What is Credit, Accounts Payable?