ACC 211 - XYZ Services Transactions

Vocabulary flashcards for understanding accounting transactions and trial balance preparation.

Rent Expense

An expense recognized when rent is paid for the current period.

Prepaid Insurance

An asset representing insurance coverage paid in advance.

Unearned Revenue

A liability representing payment received for services not yet performed.

Cash

Money received by the company.

Account Receivable

Represents amounts due from customers for services already provided.

Common Stock

Represents the corporation's capital from the issuance of stock.

Supplies

Goods bought for use in the business.

Account Payable

Represents amounts owed to suppliers for purchases made on credit.

Equipment

Equipment the company owns.

Service Revenue

Revenue recognized when services are performed.

Unadjusted Trial Balance

Ending balances of debits and credits that should equal each other.