Analyzing Transaction/ Journalize
Assets=Liabilities+Owners Equity
Whats the accounting equation?
A Ledger that contains all accounts needed to prepare financial statements.
What is a general ledger?
Writing an account title and number on the heading of an account.
Withdraws, Sales, Expenses
The Owners equity account that you don't close.
What is capital?
A business activity that changes assets, liabilities, or owners equity.
What is a transaction?
The number assigned to an account.
What is a special endorsement?
Journal entries used to prepare temporary accounts for a new fiscal period.
Are the bottom two totals supposed to equal at the end?
Yes
Sale on account
What is a sale for which cash will be received on a later date.
The procedure for arranging accounts in a general ledger, assign account numbers, and keeping records current.
What is File Maintenance?
An amount of cash kept on hand for making small payments.
The account being close on the fourth day.
What is income summary?
The middle line of the Heading.
What is post closing trial balance?
What is the normal balance of a Asset?
A computerized cash payment systems that transfers funds without checks, currency or other paper documents.
What is an EFT?
What is a fiscal period?
How does the order go for closing the income summary and drawing during a net loss.
What is Capital, Income summary, Capital, Drawing?
Where you get to totals for the post closing trial balance.
What is the general ledger
A journal amount column that is not headed with an account title.
What is the General amount column?
Journal entries recorded to update general ledger accounts at the end of fiscal period.
What is adjusting entries?
Any person or groups who will be affected by an action.
What is a Stakeholder?
The first thing you need to do when adjusting entries.
What is write the heading?
Where does the date go on the heading?
What is the third line?