Untitled Flashcard Set

Cash

Asset; Money you have right now.

Accounts Receivable

Asset; Customers owe you money (on account).

Supplies

Asset; Items bought, not yet used.

Prepaid Rent

Asset; Rent paid early = future benefit.

Equipment

Asset; Long-term physical things.

Accounts Payable

Liability; You owe suppliers money.

Deferred Revenue

Liability; Customers paid you early — you owe them a service.

Notes Payable

Liability; Formal loan you signed a note for.

Common Stock

S. Equity; Money investors put in for shares.

Retained Earnings

S. Equity; Profits kept in the business.

Service Revenue

S. Equity ↑; Earned revenue increases Retained Earnings.

Salaries Expense

S. Equity ↓; Expenses decrease Retained Earnings.

Dividends

S. Equity ↓; Cash paid out to shareholders.