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Accting Ch. 2
Phrases/Terms and what they mean for journal entries
| Term | Definition |
|---|---|
| Services provided on account | Accounts Receivable (asset) Fee's Earned (rev) You provided a service but have not been paid yet. The customer owes you money. |
| Received cash on account | Cash (asset) Accounts Receivable (asset) |
| Purchased on account | Asset Acct Accounts Payable (liability) |
| Received cash for services provided | Cash (asset) Fees earned (rev) |
| Paid on account | Accounts Payable Cash |
| Revenue | Cash (asset) Fees Earned (revenue) |
| Fees earned on account | Accounts Receivable (asset) Fees Earned (revenue) |
| Sales on account | Accounts Receivable (asset) |
| Expenses | REDUCE Cash (asset) Expense (expense) |
| Paid creditors on account | REDUCES Cash (asset) Accounts Payable (liability) |
| Cost of supplies on hand at the end of the month (not yet used) | subtract the amount from the amount of supplies in the assets section. REDUCES Supplies (asset) Supplies Expense (exp.) |
| Chris Clark, drawing | REDUCES Drawing (oe) Cash (asset) |
| Paid cash | Asset or Expense Acct Cash |
| Owner investment | Cash or other asset Chris Clark, Capital |
| Owner withdrawal | Chris Clark, Drawing Cash |
Created by:
dgrimm3
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