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 post amounts to the T-Accounts

100

When a company sells a good to a customer that has HST, state the account and whether it will be debited or credited.

What is Accounts Payable and it is credited?

200
Name 3 asset accounts.
What is Cash, Petty Cash, Supplies, Insurance, & Accts. Rec.
200
The decrease side for Revenue.
What is debit.
200

The name of the journal transaction that is completed when a business first starts.

What is the opening entry.

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, what appears only on the first amount in each column and on the total amounts .

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

When journalize the following transaction, determine which accounts are to be debited or credited. The company's owner invested money into the business.

What debit Cash and credit Owner's Capital

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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