ACC11 Exam#1
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Examples of Liabilities
Accounts Payable Salaries Payable Taxes Payable Loans/Notes Payable Accrued Expenses Unearned Revenue
Basic Accounting Equation
Assets = Liabilities + Owners Equity
Examples of Assets
Cash Equipment Supplies Accounts Receivable Inventories Land/Buildings Prepaid Expenses
Examples of Owners Equity
Owners Investment Owners Drawings Sales/Service Revenue Salary Expenses Depreciation Expense Rent Interest Expense Income Tax Expense
Credits are used to record
decrease in assets decrease in expenses increase in liabilities increase in revenues increase in owners investment
Debits are used to record
increase in assets increase in expenses decrease in liabilities decrease in revenues decrease due to drawings
