Bookkeeping Basics – Lecture Notes _ Study Bookkeeping
Material.pdf Basics – Lecture Notes _ Study Bookkeeping
Material.pdf Basics – Lecture Notes _ Study Material.pdf
Bookkeeping
Basics – Lecture
Notes / Study
Material
Bookkeeping Basics – Lecture Notes _ Study Bookkeeping
Material.pdf Basics – Lecture Notes _ Study Bookkeeping
Material.pdf Basics – Lecture Notes _ Study Material.pdf
,Bookkeeping Basics.pdf Bookkeeping Basics.pdf Bookkeeping Basics.pdf
The accounting equation can be written as _______ Assets
= Liabilities + Equity.
Which of these would be considered an asset? Taxes
**A vehicle
The owner's investment in the company.
If Lou opened a line of credit at the tractor supply Equity
store and used it to purchase $600 in inventory, **Liability
how would you categorize the $600 borrowed Asset
from the store?
If Lou's purchase increased liabilities by $600, **Add $600 to assets
what would also need to happen for the Subtract $600 from assets
accounting equation to be in balance? Add $600 to equity
Which two entries would need to be recorded to $100 Debit in Lawncare Revenue
log Lou receiving a $100 payment for a weeding **$100 Debit in Cash
job he completed for Ms. Rosa? $100 Credit in Cash
**$100 Credit in Lawncare Revenue
Bookkeeping Basics.pdf Bookkeeping Basics.pdf Bookkeeping Basics.pdf
, Bookkeeping Basics.pdf Bookkeeping Basics.pdf Bookkeeping Basics.pdf
Lou was paid $280 by Eagles Landing subdivision. **$280 Debit to Cash.
How would you record this transaction? $280 Debit to Lawncare Revenue.
**$280 Credit to Lawncare Revenue.
$280 Credit to Cash.
Lou purchased his truck for $32,000. He paid We credit $32,000 to the asset account, Plant, Property & Equipment.
$2,000 cash and took out a $30,000, 5-year loan. We then credit $2,000 to cash (to decrease the balance) and credit
Select the correct journal entry below. $30,000 to loans payable (to increase the loan balance).
Totaling both columns gives us $32,000 = $32,000.
Plant, Property, & Equipment - Debit - 32,000
Cash - Credit - 2,000
Loan Payment - Credit 30,000
The general journal is used to record transactions **Debit
in chronological order. Each transaction requires
two entries, a credit and a _____.
When creating a journal entry, the following are You can only include two accounts.
true **You record debits on the left.
**The credit and debit totals must be equal.
**You record credits on the right.
Bookkeeping Basics.pdf Bookkeeping Basics.pdf Bookkeeping Basics.pdf
Material.pdf Basics – Lecture Notes _ Study Bookkeeping
Material.pdf Basics – Lecture Notes _ Study Material.pdf
Bookkeeping
Basics – Lecture
Notes / Study
Material
Bookkeeping Basics – Lecture Notes _ Study Bookkeeping
Material.pdf Basics – Lecture Notes _ Study Bookkeeping
Material.pdf Basics – Lecture Notes _ Study Material.pdf
,Bookkeeping Basics.pdf Bookkeeping Basics.pdf Bookkeeping Basics.pdf
The accounting equation can be written as _______ Assets
= Liabilities + Equity.
Which of these would be considered an asset? Taxes
**A vehicle
The owner's investment in the company.
If Lou opened a line of credit at the tractor supply Equity
store and used it to purchase $600 in inventory, **Liability
how would you categorize the $600 borrowed Asset
from the store?
If Lou's purchase increased liabilities by $600, **Add $600 to assets
what would also need to happen for the Subtract $600 from assets
accounting equation to be in balance? Add $600 to equity
Which two entries would need to be recorded to $100 Debit in Lawncare Revenue
log Lou receiving a $100 payment for a weeding **$100 Debit in Cash
job he completed for Ms. Rosa? $100 Credit in Cash
**$100 Credit in Lawncare Revenue
Bookkeeping Basics.pdf Bookkeeping Basics.pdf Bookkeeping Basics.pdf
, Bookkeeping Basics.pdf Bookkeeping Basics.pdf Bookkeeping Basics.pdf
Lou was paid $280 by Eagles Landing subdivision. **$280 Debit to Cash.
How would you record this transaction? $280 Debit to Lawncare Revenue.
**$280 Credit to Lawncare Revenue.
$280 Credit to Cash.
Lou purchased his truck for $32,000. He paid We credit $32,000 to the asset account, Plant, Property & Equipment.
$2,000 cash and took out a $30,000, 5-year loan. We then credit $2,000 to cash (to decrease the balance) and credit
Select the correct journal entry below. $30,000 to loans payable (to increase the loan balance).
Totaling both columns gives us $32,000 = $32,000.
Plant, Property, & Equipment - Debit - 32,000
Cash - Credit - 2,000
Loan Payment - Credit 30,000
The general journal is used to record transactions **Debit
in chronological order. Each transaction requires
two entries, a credit and a _____.
When creating a journal entry, the following are You can only include two accounts.
true **You record debits on the left.
**The credit and debit totals must be equal.
**You record credits on the right.
Bookkeeping Basics.pdf Bookkeeping Basics.pdf Bookkeeping Basics.pdf
