Accounting 1 Final Exam Study Guide

Vocabulary and classification flashcards based on the Accounting 1 Final Exam Study Guide and TechKnow Consulting work sheet data.

Classification: Cash

Asset

Classification: Accounts Receivable

Asset

Classification: Supplies

Asset

Classification: Prepaid Insurance

Asset

Classification: Accounts Payable

Liability

Classification: Capital

Owner's Equity

Classification: Drawing

Owner's Equity

Classification: Sales

Revenue

Classification: Advertising Expense

Expense

Normal Balance: Any Asset

Debit

Normal Balance: Any Liability

Credit

Normal Balance: Capital

Credit

Normal Balance: Drawing

Debit

Normal Balance: Income/Sales/Revenue

Credit

Normal Balance: Any Expense

Debit

Increase Side: Any Asset

Debit

Increase Side: Any Liability

Credit

Increase Side: Capital

Credit

Increase Side: Drawing

Debit

Increase Side: Income/Sales/Revenue

Credit

Increase Side: Any Expense

Debit

Decrease Side: Any Asset

Credit

Decrease Side: Any Liability

Debit

Decrease Side: Capital

Debit

Decrease Side: Drawing

Credit

Decrease Side: Income/Sales/Revenue

Debit

Decrease Side: Any Expense

Credit

Source Document: Check

Used when the company pays cash

Source Document: Tape

Used when cash is received from sales

Source Document: Sales Invoice

Used when the company sells services on account

Source Document: Receipt

Used when the company receives cash

Source Document: Memo

Used when the company purchases supplies on account

Transaction Date: June 2

Paid cash for supplies

Transaction Date: June 9

Received cash from owner as an investment

Transaction Date: June 11

Sold services on account

Transaction Date: June 16

Paid cash for an expense

Transaction Date: June 20

Received cash from sales

TechKnow Consulting: Net Income

$$2099.00$$

TechKnow Consulting: Adjustment for Supplies

$$715.00$$

TechKnow Consulting: Ending Inventory of Supplies

$$310.00$$

TechKnow Consulting: Capital on Balance Sheet

$$5000.00$$