Accounting Categories
Journalize Transactions
the ledger
the work sheet
100

the category in the formula that contains items/accounts that ADDS value to a business

Assets

100

Gained $10,000 cash from the bank to invest in your business 

debit cash

credit capital

100

there are 5 boxes in the # spots for the ledger. Which numers go where?

1st box  - thousands 

2nd box - hundreds 

3rd box - tens 

4th box - ones

5th box - cents 

100

which closing sheet in the work sheet highlights all final totals of all the company's accounts in a snipit of time?

trial balance

200

the category in the formula that calculates profit or loss by how much the company made selling their product/service

REVENUE

200

Mostco's buys $250 worth of supplies on account from our business.

debit a/r mostco's 

credit supplies 

200

how to you determine customer number

by whatever the company determines numbers but generally : 

1st number 0, 2nd category, 3rd account 

200

which closing sheet in the work sheet highlights only the assets, liabilities, and OE?

Balance Sheet? 

300

the category in the formula that calculates profit or loss by how much the company spent

Expenses

300

bought $600 worth of insurance 

debit prepaid insurance

credit cash

300

how do you determine if the BALANCE column is debit or credit?

by seeing what account is affected and its category int he formula

300

which closing sheet in the work sheet highlights only the profit or loss?

income statement? 

400

the category in the formula that shows investments from the founder or other shareholders and how much the company is worth 

Owner's Equity

400

paid back the JJ CC company $500 on our debt.

debit a/p jj cc

credit cash

400

which accounts are debits and which are credits?

assets and expenses - debit

revenue, liabilities, OE - credit

400

which closing sheet is over a range of time instead of a snipit of time?

income statement 

500

the cateogry in the formula that highlights all accounts that would hurt the business due to debt or other losses

Liabilities 

500

david co sold us $50000 equipment on account

debit equipment 

credit a/p david co

500

how many ledgers should you have?

as many accounts as you have used in the journal 

500

which closing sheet has two different names? and what are they?

profit and loss statement and the income statement

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