Chapter 2: Effects on the Accounting Equation. Flashcards

Front

(100) ASSETS

Back

Accounts that represent resources owned by Delgado Web Services, such as cash and supplies.

Front

110 Cash

Back

An asset account representing the amount of cash on hand.

Front

130 Accounts Receivable—Main Street Services

Back

An asset account for money owed by Main Street Services.

Front

160 Prepaid Insurance

Back

An asset account for insurance paid in advance.

Front

(400) REVENUE

Back

Accounts that represent income earned by Delgado Web Services.

Front

410 Sales

Back

A revenue account for income from sales.

Front

530 Communications Expense

Back

An expense account for costs related to communication services.

Front

550 Insurance Expense

Back

An expense account for insurance costs.

Front

Cash and Michael Delgado, Capital are affected.

Back

Accounts involved in the transaction.

Front

Assets are increased.

Back

Effect on assets from the transaction.