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Account Types
Vocabulary
Transactions
Classify Me
RANDOM!
100
Cash
What is an asset?
100
Area of accounting that serves the external users by providing general-purpose financial statments
What is Financial Accounting?
100
Purchased inventory on account
What is a debit to inventory and a credit to accounts payable.
100
Loss on sale of equipment
What is an "Other Revenue & Expense"
100
Sales - Sales Returns - Sales Discounts =
What is Net Sales
200
Accounts Payable
What is a liability?
200
Transfering amounts from a journal to a ledger
What is posting?
200
Bought supplies on account
What is a debit to supplies and a credit to accounts payable?
200
accumulated depreciation
What is Property, Plant and Equipment
200
Liabilities=300; assets=700; equity=______
What is $400?
300
Dividends
What is an Equity?
300
Business owned by one person and is not a separate legal entity from its owner.
What is a proprietorship?
300
Paid for 1 months rent
What is a debit to rent expense and a credit to cash?
300
Paid-in-Capital in excess of Par
What is Stockholders' Equity
300
Statement including beginning retained earnings+net income-dividends= ending retained earnings
What is the statement of retained earnings?
400
Common Stock
What is an Equity?
400
Accounting period consisting of 12 consecutive months in a row
What is fiscal year?
400
Paid stockholders dividends
What is a debit to dividends and a credit to cash?
400
Trademarks
What is an Intangible.
400
equity=500; assets=600; liabilities=________
What is $100?
500
Unearned Revenue
What is a Liability
500
Accounting basis that recognizes revenues when earned and expenses when incurred
What is Accrual Basis Accounting?
500
Completed services that were paid for in advance.
What is a debit to unearned revenue and a credit to revenue?
500
Unearned Service Revenue
What is a current liability.
500
Total equity= 14,000 Net Income = 7,000 Beg. Retained Earnings=3,000 Dividends= 1,000 Common Stock = ? Ending Retained Earnings = ?
What is common stock = $5,000 Ending Retained Earnings= $9,000