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Chapter 3

Accouting

QuestionAnswer
Creditor A business or person to whom money is owen
Assets Property or items of value owned by a business
Business Transaction An economic event that causes a change-either an increase or a decrease-in assets, liabilities, or owner's equity
Capital Money supplied by investors, banks, or owners of a business.
Liability Amounts owed to creditors; the claims of creditors to the assets of a business
Receivibles Is an asset because it represents a claim to the assets of other people or business
Account A subdivision under assets, liabilities, or owner's equity that summarizes the changes and shows the balance for a specific item
Revenue Income good from the sales and good of service
Expences The cost of goods or services used to operate a business
Loans Payable Amount borrowed from bank
Delivery Equipment Assets
Capital Owner's Equity
Supplies Assets
Accounts Payable Liabilities
Accounts Receivable Assets
What is the Accounting Equation? Assets=Liabilities+Owners Equity
What is an asset? Property or items of value owned by a business
What is a liability? Amounts owed to creditors; the claims of creditors to the asses of a business
Bought office equipment with cash Cash (A) Down Office Equipment (A) Up
Paid the rent with a check (same as cash) Cash (A) Down Capitol (OE) Down
Paid a creditor on account Accounts Payable (L) Down Cash (A) Down
Bought supplies on account Accounts Payable (L) Down Supplies (A) Up
The owner invested money into the business Capitol (OE) Up Cash (A) Up
Created by: pichardoa4