Intro to Bookkeeping

On which side do you enter a debit?

• Right

• Left

What is cash entered under?

• Owner's Equity

• Asset

• Liability

What does a journal entry contain?

• Date, Entry Name, Reference, Ledger name, type of account

• Date, Entry Name, Reference, Debit and Credit Entry, Explanation

• Date, Entry Name, Title of Ledger, Account Name, Debit and Credit

The two main methods of bookkeeping are cash method and

• Credit Method

• Corporate Method

• Accrual Method

• Buy Now Pay Later Method

What does Double Entry Bookkeeping mean?

• You enter in the amount twice in the debits side.

• You enter in the amount twice on the credit side.

• You enter in both sides of the transaction so that the accounting equation balances.

What side does the credit go on a T Account?

• Left Side

• Right Side

Which is the book of original entry?

• Journal

• Ledger

• The Bible

• The T Account

Normally, Liability accounts will have which type of balance?

• Debit

• Credit

Accounts Receivable is:

• An asset account where someone owes the business money

• A liability account where the business owes someone money.

• An asset account where the business owes someone money.

• A liability account where a business owes the company money.

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Large corporations should report revenues on their income statements when the:

• Cash is Received

• Revenue is earned