Vocabulary
Property or items of value owned by a business
What is assets?
Step 1
What is analyzing transactions?
What side is the debit on
What is the left side?
What do you have to check for accuracy and analyze transactions into debit and credit parts
What is source documents?
Decrease both assets and owner's equity
What is withdrawal?
The difference between total assets and total liabilities
What is owner's equity?
Step 2 and 3
What is Journalize and Post?
What side is the credit on
What is the right side?
In step 3 what do you post journal entries to
What is general ledger?
Accounting eqaution
What is assets= liabilities + equity
Income earned from the sale of good or services is called
What is revenue?
Step 4 and 5
What is Prepare Work Sheet and Journalize and Post Adjusting Entries?
sales is a
What is owner's equity?
In step 5 what is journalized and where is it posted
What is adjusting entries and general ledger?
Things that we own or money
What is liabilities?
What is revenue, expenses, and owner's withdrawal
What is temporary accounts?
Step 6 and 7
What is Prepare Financial Statements and Journalize and Post Closing Entries?
accounts payable is
What is a liability?
In step 3 transactions are recorded as
What is debit and credit?
The continuous cycle of keeping accounts is known as
What is the accounting cycle?
What is liability, assets, and owner's capital
What is permanent accounts?
Step 8
What is Prepare Post-Closing Trial Balance?
Make sure to put a what under the total
What is a double line?
What are examples of step 1
What is checks, receipts, and invoice?
What is establishing links between different accounting periods of business?