Accounting and Finance Foundations

Unit 5

Accounting and Finance Foundations Unit 5: Accounting Terminology 341

Accounting Terminology Student Assignment

Chapter 14

Account Analysis and Identification

Use the number to identify which accounts are involved in the transactions and the letters to identify which

account group they are in. Use a (+) to show an increase or a (-) to show a decrease. Follow the example

given below.

A=Assets L=Liabilities C=Capital D=Drawing R=Revenue E=Expenses

7. Drawing


8. Revenue (Sales)


9. Rent Expense


10. Repair Expense


11. Salary Expense


12. Utilities Expense


13. Cash


14. Accounts Receivable


15. Prepaid Insurance


16. Equipment


17. Accounts Payable


18. Owner’s Equity

Transaction Accounts

affected

Category

Ex: Paid cash for utility expense 12 1 -A +E

1. The owner invested personal cash into the business


2. Paid cash for rent


3. Bought equipment on account


4. Received cash for services performed


5. Paid salaries of employees


6. Owner withdrew cash for personal use


7. Performed services to be collected at a later date


8. Paid cash for phone bill


9. Paid cash for prepaid insurance


10. Received cash from sales

Name: _____________________________________________________ Date: ___________________

14.1.1