2-1 Accounting Transactions

Sold services on account

• Cash

• Accounts Receivable

• Capital

Received cash on account

• Cash +

• Cash -

• Accounts Receivable +

• Accounts Receivable -

• Capital +

Paid cash for repairs

• Cash +

• Cash -

• Accounts Receivable +

• Capital +

• Capital -

Received cash on account

• Cash +

• Cash -

• Accounts Receivable +

• Accounts Receivable -

• Capital +

Paid cash to owner for personal use

• Cash +

• Cash -

• Accounts Receivable +

• Capital +

• Capital -

Another name for sales

• Accounts Receivable

• Revenue

• Expense

• Withdraw

Rent, utilities, repairs,

• Accounts Receivable

• Revenue

• Expense

• Withdraw

Service provided and customer will pay at a later date.

• Accounts Receivable

• Revenue

• Expense

• Withdraw

Owner takes money out of cash account for personal use

• Accounts Receivable

• Revenue

• Expense

• Withdraw

What accounts will always decrease

• Accounts Receivable

• Revenue

• Expense

• Withdraw