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Accting Ch. 2

Phrases/Terms and what they mean for journal entries

TermDefinition
Services provided on account Accounts Receivable (asset) Fee's Earned (rev) You provided a service but have not been paid yet. The customer owes you money.
Received cash on account Cash (asset) Accounts Receivable (asset)
Purchased on account Asset Acct Accounts Payable (liability)
Received cash for services provided Cash (asset) Fees earned (rev)
Paid on account Accounts Payable Cash
Revenue Cash (asset) Fees Earned (revenue)
Fees earned on account Accounts Receivable (asset) Fees Earned (revenue)
Sales on account Accounts Receivable (asset)
Expenses REDUCE Cash (asset) Expense (expense)
Paid creditors on account REDUCES Cash (asset) Accounts Payable (liability)
Cost of supplies on hand at the end of the month (not yet used) subtract the amount from the amount of supplies in the assets section. REDUCES Supplies (asset) Supplies Expense (exp.)
Chris Clark, drawing REDUCES Drawing (oe) Cash (asset)
Paid cash Asset or Expense Acct Cash
Owner investment Cash or other asset Chris Clark, Capital
Owner withdrawal Chris Clark, Drawing Cash
Created by: dgrimm3
Popular Accounting sets

 

 



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