Journals
Business
Payroll
Debit/Credit
Terms/Definitions
100
A special journal used to record only cash receipt transactions.
What is a cash receipts journal?
100
The account used to summarize the owner's equity in a business.
What is capital?
100
The period covered by a salary payment.
What is a pay period?
100
An amount recorded on the right side of a T-account.
What is credit?
100
The amount in an account.
What is an account balance?
200
A special journal used to record only cash payment transactions.
What is a cash payments journal?
200
Total shares of ownership in a corporation.
What is capital stock?
200
The total amount earned by all employees for a pay period.
What is payroll?
200
An amount recorded on the left side of a T-account.
What is debit?
200
an endorsement consisting only of the endorser's signature.
What is a blank endorsement?
300
Journal entries recorded to update general ledger accounts at the end of a fiscal period.
What is adjusting entries?
300
An organization with the legal rights of a person and which may be owned by many persons.
What is a corporation?
300
A federal tax used for state and federal administrative expenses of the umemployment program.
What is a federal unemployment tax?
300
Accounts payable is a. . . . .
What is a credit?
300
The amount added to the cost of merchandise to establish the selling price.
What is a markup?
400
A journal entry made to correct an error in the ledger.
What is a correcting entry?
400
A business that purchases and sells goods.
What is a merchandising business?
400
A federal tax paid for hospital insurance.
What is medicare tax?
400
Accounts receivable is a. . . . .
What is a debit?
400
A memorandum is a. . . .
What is a form on which a brief message is written describing a transaction?
500
A journal amount column that is not headed with an account title.
What is a general amount column?
500
A business owned by one person.
What is a proprietorship?
500
The maximum amount of earnings on which a tax is calculated.
What is a tax base?
500
An account where debits and credits do not equal.
What is an individual account?
500
a schedule of accounts payable is. . . . .
What is a listing of vendor accounts, account balances, and total amount due all vendors?
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