An economic event or condition that directly changes a business’s financial condition is called a business transaction.

What is the best description for the journal entry below? June 26     Supplies 500                        Accounts Payable 500                     ????????????

A T-account is used as a tool to help accountants see the balances of accounts.

Explain the posting process (in your own words) in a step by step format using bullet points.

GAAP stands for Generally Aligned Accounting Partners.

CPA stands for Certified Private Accountant.

Explain why it is so important that the accounting equation remains in balance.

What is the best description for the journal entry below? Aug 15     Equipment 1000                        Cash       1000                     ????????????

The objective of most businesses is to earn a profit.

When using a T account, the left side of the account always represents the debit side while the right side always represents the credit side.