Debits and Credits
All liabilities increase on this side.
What is the credit side?
These are items owned that have monetary value.
What are assets?
The first step in posting.
What is recording the date of the transaction from the journal?
Assets, Liabilities, and Owner's Equity.
What is the Accounting Equation?
The Excel formula for adding B6 and B7.
What is +B6+B7?
Assets and expenses show an increase and normal balance on this side.
What is the debit side?
Another name for Owner's Equity.
What is Stockholder's Equity?
What is the General Ledger?
Type of accounts that include revenue, expenses, and owner's withdrawals.
What are temporary accounts?
The accounting rules that all businesses must follow.
What are the Generally Accepted Accounting Principles (GAAP)?
The increase side for sales.
What is the credit side?
This line on the balance sheet refers to money owed by a company.
What is Accounts Payable?
The type of balance for all accounts in an Accounts Receivable ledger.
What is a debit balance?
Buying something and paying for it later.
What is Credit?
The General Debit and Credit columns of this never have to be posted at the end of the month.
What is the General Journal?
When we are purchasing merchandise from a vendor on account, purchases are what?
What is debited?
This is the differenced between total assets and total liabilities.
What is Owner's Equity?
The last step in posting--specifically speaking.
What is the account number from the ledger to the post reference column of the journal?
Property or items of value owned by a business?
What are Assets?
Making sure the cash on hand = the cash in the check book.
What is proving cash?
When recording an adjusting entry for supplies on the worksheet, supplies are
What is credited?
The term used to explain how quickly a company can convert assets into cash.
What is liquidity?
The Schedule of Accounts Payable is done to check this.
What is make sure they balance and equal the Accounts Payable controlling account in the General Ledger?
Is a list of all accounts used by a business.
What is a Chart of Accounts?
The name of the computer drive where your Excel problems should always be saved.
What is the "F" drive?