Podcast
Questions and Answers
What is the left side of the T account called?
What is the left side of the T account called?
- Owner's equity
- Debit side (correct)
- Credit side
- Chart of accounts
Which group of accounts for a business entity is called a ledger?
Which group of accounts for a business entity is called a ledger?
- Liabilities
- Assets
- Chart of accounts (correct)
- Drawings
What represents the amount of withdrawals made by the owner?
What represents the amount of withdrawals made by the owner?
- Notes payable
- Drawing account (correct)
- Accounts receivable
- Wages payable
Which element is the owner's right to the assets of the business?
Which element is the owner's right to the assets of the business?
What are increases in owner's equity as a result of selling services or products to customers?
What are increases in owner's equity as a result of selling services or products to customers?
What are debts owed to outsiders (creditors)?
What are debts owed to outsiders (creditors)?
What is the primary focus of revenue accounts?
What is the primary focus of revenue accounts?
How many accounts are involved in recording each business transaction in the double-entry accounting system?
How many accounts are involved in recording each business transaction in the double-entry accounting system?
What must be equal in every business transaction under the double-entry accounting system?
What must be equal in every business transaction under the double-entry accounting system?
What is the main focus when recording owner withdrawals in the accounting system?
What is the main focus when recording owner withdrawals in the accounting system?
In which type of account do increases usually equal or exceed decreases?
In which type of account do increases usually equal or exceed decreases?
What is the fundamental principle behind the double-entry accounting system?
What is the fundamental principle behind the double-entry accounting system?
What impact does Transaction F have on the accounting equation?
What impact does Transaction F have on the accounting equation?
How much supplies did NetSolutions use based on Transaction G?
How much supplies did NetSolutions use based on Transaction G?
What does Transaction H result in regarding the accounting equation?
What does Transaction H result in regarding the accounting equation?
What is the impact of the insurance policy payment on the accounting equation?
What is the impact of the insurance policy payment on the accounting equation?
Which account is affected when NetSolutions pays creditors on account?
Which account is affected when NetSolutions pays creditors on account?
What does the cost of supplies on hand represent in the accounting equation?
What does the cost of supplies on hand represent in the accounting equation?
What impact does the payment of rent for December have on NetSolution's accounting equation?
What impact does the payment of rent for December have on NetSolution's accounting equation?
In the journal entry for NetSolutions paying rent for December, which column does the amount of $800 go in?
In the journal entry for NetSolutions paying rent for December, which column does the amount of $800 go in?
What does NetSolutions receiving $360 for three months' rent beginning December 1 impact their accounting equation?
What does NetSolutions receiving $360 for three months' rent beginning December 1 impact their accounting equation?
Which column in the journal would the journal page number be entered for a transaction?
Which column in the journal would the journal page number be entered for a transaction?
What impact does renting out the land to a local retailer have on NetSolutions' accounting equation?
What impact does renting out the land to a local retailer have on NetSolutions' accounting equation?
In the journal entry for NetSolutions renting out the land to a local retailer, where would the account number be entered?
In the journal entry for NetSolutions renting out the land to a local retailer, where would the account number be entered?
What is the impact on the accounting equation when NetSolutions received $2,870 from fees earned on December 31?
What is the impact on the accounting equation when NetSolutions received $2,870 from fees earned on December 31?
What is the impact on the accounting equation when fees earned on account totaled $1,120 on December 31?
What is the impact on the accounting equation when fees earned on account totaled $1,120 on December 31?
When Chris Clark withdrew $2,000 for personal use on December 31, how did it impact the accounting equation?
When Chris Clark withdrew $2,000 for personal use on December 31, how did it impact the accounting equation?
Why is preparing a trial balance at the end of each accounting period important?
Why is preparing a trial balance at the end of each accounting period important?
What is a transposition error in accounting?
What is a transposition error in accounting?
Which statement correctly represents the impact on Owner's Equity due to drawing funds for personal use?
Which statement correctly represents the impact on Owner's Equity due to drawing funds for personal use?
