Accounting | Baamboozle - Baamboozle | The Most Fun Classroom Games!

English 17 Public

Accounting 1 - Basic transactions and more.

Study Slideshow

What is the accounting equation?

Assets = Liabilities + Owner's Equities

15

Transaction: Bought Supplies on Account

Debit - Supplies, Credit - Accounts Payable

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Transaction: Owner invested money into the business.

Debit: Cash, Credit: Owner's Equity

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Transaction: Sold Services on Account.

Debit: Accounts Receivable, Credit: Sales

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Transaction: Sold services for cash.

Debit: Cash, Credit: Sales

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Transaction: Paid cash for your Rent for the month.

Debit: Rent Expense, Credit: Cash

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Transaction: Owner withdrew cash for personal use.

Debit: Drawing, Credit: Cash

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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

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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

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Transaction: Paid Cash on Account.

Debit: Accounts Receivable Credit: Cash

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What is the title that you put on the last line of the first page of a two-page journal?

Carried Forward

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What is the title that you put on the top line of the second page of a two-page journal?

Brought Forward

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