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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 |