Anything of value that is owned

The account used to summarize the owner's equity in a business

Financial reports that summarize the financial condition and operations of a business

Assets taken out of a business for the owner's personal use

Planning, recording, analyzing, and interpreting financial information

A decrease in owner's equity resulting from the operation of a business

A planned process for providing financial information that will be useful to management

Amount owed by a business

An equation showing the relationship among assets, liabilities and owner's equity

Which of the following are considered an expense?

The monthly fee for internet service is a(n):

Which of the following is a liability? (Check All That Apply)

The recording part of the accounting process is called bookkeeping.

A formal report that shows what an individual owns vs owes is called ____________.

Businesses use accounts to summarize all the information pertaining to a single item.

Debit is the right side of the account and credit is the left side of the account.

Normal balance occurs on the same side of the account that is increased.

Asset accounts decrease on the credit side.

Liability accounts decrease on the credit side.

Owner's Equity accounts decrease on the credit side.

Each transaction changes the balance of _____ account(s).

A list of accounts used by a business is called:

Transaction: Cash is paid for supplies.

You should record withdrawals in the owner's equity account

You owe a utility expense. What does this do to your owner's equity?

When owner's equity is decreased, which side of the account is changed?

The normal balance occurs on which side of the accounts receivable account?

Cash is increased with a:

Prepaid insurance is decreased with a:

Withdrawal information is recorded separately from owner's equity to avoid many transactions in the owner's equity account.

If an amount is recorded on the side of a T account opposite the normal balance side, the account balance is

The normal balance side of a liability account is the

When an owner invests cash in a business, the owner’s capital account is

When a business pays cash on account, a liability account is

When cash is received from sales, the change in the owner’s equity is usually recorded

Increases in a revenue account are shown on a T account's

When $500 cash is received on account,

The normal balance side of any revenue account is the

When cash is paid for advertising, Advertising Expense is

A form of recording transactions in a chronological order.

Recording transactions in a journal.

To correct an error in a journal, one can simply erase the incorrect item and write the correct item in the same place

Transactions are recorded in a journal in chronological order.

A journal page is complete when there is insufficient space to record any more entries.

Paid cash to owner for personal use, $3,000.00.

Paid cash on account to Superior Pipe, $1,000.00.

Paid cash for delivery fees (Miscellaneous Expense), $25.00.

Received cash on account from Kay’s Café, $500.00.

Paid cash for electricity, $435.00.

Sold services on account to Kay’s Cafe, $1,500.00.

Received cash from sales, $775.00.

Received cash from sales, $650.00.

Received cash on account from Kay’s Café, $500.00.

Paid cash on account to Superior Pipe, $1,000.00.

Received cash from sales, $900.00.

Sold services on account to Kay’s Café, $850.00

Paid cash on account to Superior Pipe, $1,000.00.

Paid cash for supplies, $800.00.

Paid cash for insurance, $1,200.00.

Bought supplies on account from Superior Pipe, $3,000.00.

Paid cash for one month’s rent, $2,400.00.

Select the two accounts that are affected for the following transaction: Received cash from owner as an investment, $10,000.00.

a form on which a brief message is written to describe a transaction.

the recording of debit and credit parts.