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account definitions
effects on accounts
| Term | Definition |
|---|---|
| accounts receivable | an asset account in which a customer owes a company money |
| accounts payable | a liability account in which a company owes money for buying in advance |
| allowance for doubtful accounts | a contra asset account that reduces of the total amount of accounts receivable |
| contra asset account | an asset account that is increased with a credit instead of a debit |
| contra liability account | a liability account that is increased with a debit instead of a credit |
| contra revenue account | a revenue account that is increased with a debit instead of a debit |
| contra expense account | expense accounts that are increased with a credit instead of a debit |
| Accumulated depreciation (vehicle, land, equipment Etc.) | contra asset accounts that record a long term assets depreciation over time. increased with credit |
| depreciation expense | an expense account that total depreciation is stored in |
| notes Payable | known as loans payable. is a liability account amount the company owes for bank loans increased with credit |
| wages payable | a liability account that records employees wages falls under salaries expense as well |
| interest payable | amount of loan interest a company owes up until the balance sheet date |
| unearned revenues | account recording cash that accepted in advance increased w/ credit |
| mortgage loan payble | liability account that records the amount owed or still owing for a mortgage |
| drawing | amount someone has withdrawn from sole owned business account is debited |
| capital | account recording the owners investment which is credited |
| service revenues | amounts earned from providing services whether on credit or not |
| wages expense | expenses payed out to non salaried employees that earn an hourly pay |
Created by:
red1885
Popular Accounting sets