Financial Statements
Adjusting/Closing
Posting
Accounting Cycle
Accounting Vocab
100
Income Statement and Balance Sheet
What is the 2 financial statements always prepaired?
100
Adjusting Enries
What is journal entries recorded to update gen
100
Date
What is the first thing you write when posting
100
Sale on Account
What is a sale which cash will be recevied at a later date
100
Ledger
What is a group of accounts
200
Post. Ref.
What is the column that you write the journal page in?
200
Expense
What is a decrese in owners equity
200
Posting
What is transferring info from a journal entry to a ledger account
300
Withdrawals
What is assets taken out of a business for personal use
300
Proving Cash
What is determinging that the amount of cash agrees with the accounting records
400
Credit
What is account on the right side of a T account?
400
Petty Cash
What is an amount of cash that is kept on hand to make small payments
500
Normal Balance
What is the side of the account that is increased?
500
Dishonored Check
What is a check that the bank refuses to pay
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