Chapter 3 Word Scramble
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| Question | Answer |
| 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 |
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