Accounting Basics
T-accounts
Journals
General Ledger
Hodgepodge
100
The accounting equation.
What is A=L+OE
100
The normal balance side for Expenses.
What is debit.
100
Name 3 source documents.
What is Check, Sales Invoice, Receipt, Memorandum, & Calculator Tape.
100
This is the step in the accounting cycle that comes after the journalizing transactions.
What is POSTING into the general ledger.
100
A transaction that has more than two accounts when journalizing.

What is compound entry?

200
Name 3 asset accounts.
What is Cash, Petty Cash, Supplies, Insurance, & Accts. Rec.
200
The decrease side for Revenue.
What is debit.
200
This is written in the Post Ref. column when journalizing.
What is the journal page number.
200

Posting should be performed in what order?

What is chronological?

200

This entry is listed first in the general journal.

What is a debit?

300
The amount remaining after the value of all liabilites is subtracted from the value of all the assets.
What is Owner's Equity.
300
Drawing decreases Owner's Equity, which is shown on this side.
What is credit.
300
When journalize the following transaction, determine which accounts are to be debited or credited. Paid cash to owner for personal use.
What is Debit Drawing & Credit Cash.
300
The first digit in the account number 210 means it belongs to this classification.
What is Liabilites.
300

A financial statement that reports assets, liabilites, & owner's equity.

What is balance sheet?

400
Accounts that increase Owner's Equity. (Hint: Normal balance is on the credit side.)
What is Capital and Revenue.
400
The increase side for Accts. Pay.
What is credit.
400
When journalize the following transaction, determine which accounts are to be debited or credited. Received cash on account.
What is Debit Cash & Credit Accts. Rec.
400

In the trial balance, this does not appear with the exception of only the first item and total.

What is dollar sign?

400

The difference between total revenue and total expenses, when total expenses are greater.

What is net loss?

500
Accounts that decrease Owner's Equity. (Hint: Normal balance is on the debit side.)
What is Drawing and Expenses.
500
Sales is this type of account, but is classified as Owner's Equity.
What is revenue.
500
Frequent transaction to the same FEW accounts can result in creating a a journal with these.
What is special amount columns.
500
The last step in the posting procedure is this.
What is write the account number from the ledger into the Post Ref. column in the journal.
500

Name two things that can be ADDED to Capital on the Statement of Owner's Equity?

What is investments and net income?

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