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 |