1. Terms
Transactions
Assets
O.E.
$100
$100
$100
$100
$200
$200
$200
$200
$300
$300
$300
$300
$400
$400
$400
$400
$500
$500
$500
$500

2. Terms for $100
A sale for which cash will be received at a later date.

3. Terms for $200
A decrease in owner’s equity resulting from the operation of a business

4. Terms for $300
Financial reports that summarize the financial condition and operations of a business.

5. Terms for $400
An increase in owner’s equity resulting from the operation of a business.

6. Terms for $500
The account used to summarize the owner’s equity in a business.

7. Transactions for $100
Received cash from owner as an investment.

8. Transactions for $200
Bought supplies with cash

9. Transactions for $300
Bought supplies on account

10. Transactions for $400
Sold services on account to Suzie Q.

11. Transactions for $500
Received cash on account from Suzie Q.

12. Assets for $100
Please define assets

13. Assets for $200
Please state the accounting equation

14. Assets for $300
Can assets go both up and down? Give an example!

15. Assets for $400
Should your personal assets be listed with your business assets? What is this concept called?

16. Assets for $500
List all five assets

17. Owner’s Equity for $100
Which account summarizes O.E.?

18. Owner’s Equity for $200
Which account title increases O.E.?

19. Owner’s Equity for $300
Which accounts make O.E. go down?

20. Owner’s Equity for $400
Define equity.

21. Owner’s Equity for $500
List the four accounts that affect O.E.