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Accounting

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    Accounting 1 - Basic transactions and more.
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  • What is the accounting equation?
    Assets = Liabilities + Owner's Equities
  •  15
  • Transaction: Bought Supplies on Account
    Debit - Supplies, Credit - Accounts Payable
  •  20
  • Transaction: Owner invested money into the business.
    Debit: Cash, Credit: Owner's Equity
  •  15
  • Transaction: Sold Services on Account.
    Debit: Accounts Receivable, Credit: Sales
  •  15
  • Transaction: Sold services for cash.
    Debit: Cash, Credit: Sales
  •  15
  • Transaction: Paid cash for your Rent for the month.
    Debit: Rent Expense, Credit: Cash
  •  10
  • Transaction: Owner withdrew cash for personal use.
    Debit: Drawing, Credit: Cash
  •  20
  • Transaction: Purchased Insurance with cash.
    Debit: Prepaid Insurance Credit: Cash
  •  15
  • What is the source documentation for a Cash paid transaction?
    Check
  •  10
  • What is the source document for a sale on an account?
    Sales Invoice
  •  10
  • What is the source document for Cash Register sale?
    Tape
  •  15
  • What is the source document for when a company receives money from a customer?
    Cash Receipt
  •  10
  • What is the source document when you purchase supplies on an account?
    Memorandum
  •  15
  • Transaction: Paid Cash on Account.
    Debit: Accounts Receivable Credit: Cash
  •  15
  • What is the title that you put on the last line of the first page of a two-page journal?
    Carried Forward
  •  15
  • What is the title that you put on the top line of the second page of a two-page journal?
    Brought Forward
  •  15
  • How many days in the month of April?
    30
  •  10