A(n)___ is an economic event that causes a change in assets, liabilities, or owner’s equity

Charlotte started a small business and invested some money into it. The money she invested, which represents her claim (ownership) to the total assets of the business, is called ___

A(n)____ is any property or item of value owned by a business

____are the creditor’s claims to the assets of the business.

____ is anything of value that is owned or controlled.

The increases or decreases in a specific item caused by business transactions are recorded in a(n) ____

Buying ___ is the same as buying on credit.

___ is income earned from the sale of goods and services.

The costs of goods and services used to operate a business are ___

____is the total amount of money to be received in the future for goods and services sold on credit.

A person or business that sells property on credit, or any person or business to which money is owed, is called a(n) ___

The account name for the amount of money owed to the creditors of a business is

When the owner takes cash or other assets from the business for personal use, a(n) ___ occurs

When you buy property on account, you acquire all of its property rights.

Both businesses and individuals may own and control property.

Paid for the monthly rent by check;

which two accounts are affected

The owner transferred a new bicycle to the business for deliveries;

which two accounts will be affected

Purchased office equipment on account;

which two accounts were affected

Sold to a friend a bicycle helmet owned by the business on account;

which two accounts were affected?

If the creditor’s financial claim to property totals $1,000 and the owner’s financial claim to property totals $11,000, the property value is

The account Accounts Receivable is a subdivision of this classification:

All of the following account names are asset names except

A business transaction that involves a purchase on account is considered to be a(n)

Each of the following is a business expense except a payment for

The purchase of a desk on account will increase Office Furniture and will also increase

Which classification does the following account belong to: accounts receivable

Which classification does the following account belong to:

computer equipment

Which classification does the following account belong to:

accounts payable

Which classification does the following account belong to:

cash in bank

Which classification does the following account belong to:

office equipment

Which classification does the following account belong to:

John Smith, Owner

Which classification does the following account belong to:

repair tools

Dylan used cash to purchase equipment for use in the business

ABC Plumbing received cash for water leak repair.

XYZ Bakery paid wages to its employees.

Your business made a partial payment on account for a truck purchased earlier.

XYZ Bakery billed a customer for a wedding cake.