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25 Cards in this Set

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In a T-Account, to increase the value of an asset you would
Enter a debit on the left side of your T
In a T-Account, to increase a liability you would
Enter a credit on the right side of your T
In a T-Account, to ncrease owners equity you would
Enter a credit on the right side of your T
Cash is what type of account?
Asset
Accounts Receivable is what type of account?
Asset
Accounts Payable is what type of account?
Liability
Cost of Goods Sold is what type of account?
Expense
Retained Earnings is what type of account?
Equity
To record the cash payment of an expense (a bill) you would
Debit the expense and credit Cash
To record the receipt of a bill you would
Debit the expense and credit A/P
To record the cash receipt from a sale you would
Debit the Cash and credit Sales
To record a sale on account you would
Debit the A/R and credit Sales
To record a charge on a vendor account for supplies you would
Debit Supplies Expense and credit A/P
To record a cash withdrawal by the owner of a company you would
Debit Owners Equity and credit Cash
To record a cash investment by the owner of a company you would
Debit the Cash and credit Owners Equity
These are long-term or long life assts that are used in the continuing operation of the organization and are expected to be used by the organizations for more than a year. Land, Buildings, Machinery, and Equipment fall into this category.
Property, Plant & Equipment
Ownership of the assets of a business by its creditors. This category represents how much money you owe to outside sources.
Liability
The money or monetary value a company receives as the result of a sale of products or services.
Revenue
Things taht are owned by the business. They have a monetary value, are insurable, and generally have an expected "useful" life span.
Asset
These are long-term in nature and have no physical substance but are of value to the owner of the organizatins. Patents, Copyrights, Goodwill, Franchises, and Trademarks fall into this category.
Intangible Assets
These are liabilities that are not expected to be paid of in one year or less.
Long Term Liability
Things like cash and other assets that can reasonably be expected to be converted to cash, used up, or sold within one year or less.
Current Assets
These are the "cost of doing business."
Expenses
This category represents the ownership of the assets of the business by the proprietor.
Owner's Equity
These are generally long term, are not used in normal operations of the organization adn are not expected to be converted to cash within the year. Stocks and bonds of other organizations fall into this category.
Investments