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Accting Ch 1
Identifying Assets, Liabilities, Owner's Equity
Term | Definition |
---|---|
Cash | Asset |
Accounts Payable | Liability |
Capital | Owner's Equity -Owner's Investment |
Accounts Receivable | Asset |
Unearned Rent or Fees | Liability |
Drawing | Owner's Equity -Owner's Withdrawal |
Land | Assets |
Supplies -when initially purchased before being used | Assets |
Prepaid Insurance | Asset |
Prepaid Rent | Asset |
Rent -once earned | Revenue |
Fee's Earned | Revenue |
Supplies -once used up | Expense |
Insurance Expense | Expense |