Chapter 2: Analyzing and Recording Transactions Flashcards
(22 cards)
1
Q
Cash
A
Asset
2
Q
Accounts Receivable
A
Asset
3
Q
Notes Receivable
A
Asset
4
Q
Prepaid Accounts (or Expenses)
A
Asset
5
Q
Supplies
A
Asset
6
Q
Equiptment
A
Asset
7
Q
Building
A
Asset
8
Q
Land
A
Asset
9
Q
Accounts Payable
A
Liability
10
Q
Notes Payable
A
Liability
11
Q
Unearned Revenue
A
Liability
12
Q
Wages Payable
A
Accrued Liability
13
Q
Taxes Payable
A
Accrued Liability
14
Q
Interest Payable
A
Accrues Liability
15
Q
Owner Capital
A
+ Equity
16
Q
Owner Withdrawals
A
- Equity
17
Q
Revenue
A
+ Equity
18
Q
Expenses
A
- Equity
19
Q
Debits
A
+ Assets
- Liabilities
- Owner Capital
+ Owner Withdrawals
- Revenues
+Expenses
20
Q
Credits
A
- Assets
+ Liabilities
+ Owner Capital - Owner Withdrawals
+ Revenues - Expenses
21
Q
Recording Transactions
A
Date, Account Titles and Explanations, Posting Reference, Debits, Credits
22
Q
Trial Balance
A
Account Number, Account Name, Debits, Credits.
Total Debits = Total Credits
