Journal Entries
The owner takes out $40,000 for personal use
What is drawings
To promote honesty within company when handling money
What are internal controls?
Prepaid supplies, depreciation, accrued salaries are all example of what?
What are adjusting entries?
This tracks when your company returns merchandise it bought for resale
What is purchase returns
After closing entries and financial statements, this is what you create to share the starting balances of the new fiscal year
What is a post closing trial balance?
Taking the values from the journal and entering them onto the ledger
What is posting?