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