Starting a Proprietorship
Changes that Affect Owner's Equity
Analyzing Transactions into Debit and Credit Parts
Recording Transactions in a General Journal
Posting from a General Journal to a General Ledger
100
A business owned by one person.
What is proprietorship?
100
Decrease in owner's equity resulting from the operation of a business.
What is expense?
100
Summary of all the information pertaining to a single element in an accounting equation.
What is Account?
100
A business form ordering a bank to pay cash from a bank account.
What is Check?
100
Transferring information from a journal entry to a ledger account.
What is Posting?
200
A business that performs an activity for a fee.
What is service business?
200
An increase in owner's equity resulting in an operation of a business.
What is revenue?
200
Amount recorded on the right side of a T account.
What is credit?
200
A journal with two amount columns in which all types of entries can be recorded.
What is General Journal?
200
A group of accounts.
What is Ledger?
300
Financial statement that reports assets, liabilities, and owner's equity on a specific date.
What is balance sheet?
300
Assets taken out of a business for the owners personal use.
What is withdrawal?
300
Amount recorded on the left side of the T account.
What is Debit?
300
A form on which a brief message is written describing a transaction.
What is Memorandum?
300
Determining that the amount of cash agrees with the accounting records.
What is Proving Cash?
400
An equation showing the relationship between assets, liabilities, and owner's equity.
What is accounting equation?
400
Assets=Liabilities+Owner's Equity
What is accounting equation.
400
Accounting devise used to analyze transactions.
What is T Account?
400
The recording of debit and credit parts of a transaction.
What is Double Entry Accounting?
400
The procedure for arranging accounts in a general ledger assigning account numbers and keeping records current.
What is File Maintenance?
500
Business activity that changes assets, liabilities, or owner's equity.
What is transaction?
500
When cash is received from sales what increases?
What is Assets and Owner's Equity?
500
An account that reduces a related account on a financial statement.
What is Contra Account?
500
A business paper from which information is obtained for a journal entry.
What is Source Document?
500
The number assigned to an account.
What is Account Number?
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