The Accounting Cycle
Recording Transactions in the General Journal
The General Ledger
The Posting Process
Preparing a Trial Balance/Misc. Transactions
100
This is the third step in the accounting cycle
What is journalizing each transaction?
100
All-purpose journal in which all transactions of a business may be recorded.
What is a general journal?
100
Process of transferring information from the journal to individual general ledger accounts.
What is posting?
100
This is sometimes called the book of final entry
What is the ledger?
100
This is a formal way to prove the ledger.
What is a trial balance?
200
This business document is prepared when cash is received.
What is a receipt?
200
The account number is usually written here.
What is the Post. Ref.?
200
Permanent record organized by account number.
What is general ledger?
200
In the ledger, this is posted under the Post. Ref. column.
What is the page of the general journal?
200
You are to make this when an error in a journal entry is discovered after posting.
What is a correcting entry?
300
A school's accounting period usually begins on July 1 and ends on June 30.
What is a fiscal year?
300
Should never be erased; would be crossed out if occurred.
What is a error?
300
Information about specific accounts is recorded in these forms.
What is ledger account forms?
300
This part of the ledger is usually left blank.
What is description?
300
January 25 - Paid the monthly telephone bill for $175 by issuing Check 109.
Utilities Expense Debit $175, Cash in Bank Credit $175, Source Document Check 109, 01/25.
400
Process of recording business transactions in a journal.
What is journalizing.
400
Another name for journal.
What is the book of original entry?
400
This is placed in the Post. Ref. column to show the amount entered is not being posted from a journal.
What is a check mark.
400
You write this to show a zero balance in the ledger.
What is a straight line?
400
June 4 - Paid the part-time receptionist's salary of $400 by issuing Check 413.
Salaries Expense Debit $400, Cash in Bank Credit $400, Source Document Check 413, 06/04.
500
Brief message written to describe a transaction that takes place within a business.
What is a memorandum?
500
Journal entries are recorded in this order.
What is chronological order?
500
Adding all the debit balances and all the credit balances of accounts in the ledger to determine whether the two totals are equal is called this.
What is proving the ledger?
500
When you draw a line to show a zero balance, you draw it in the column the account has this type of balance.
What is normal balance?
500
Mar 14 - Purchased on credit $250 in grooming equipment from the Pet Gourmet, Invoice PG333.
Grooming Equipment Debit $250, Accounts Payable - Pet Gourmet Credit $250, Source Document Invoice PG333, 03/14.
M
e
n
u