Financial Statements
Adjusting/Closing Entries
Posting
The Accounting Cycle
Accounting Vocabulary
100
balance sheet, income statement, and statement of cash flows are three main blank
What is financial statement
100
write this heading in the middle of the Account Title column of the journal (Closing Entries)
What is Closing Entries
100
write the titles of all general ledger accounts with balances in this
What is the account title column
100
the series of accounting activities included in recording financial information for a fiscal period
What is an accounting cycle
100
journal entries recorded to update general ledger accounts at the end of a fiscal period
What is adjustment entries
200
these cover a month for a business
What is financial statements
200
write this title of the account debited in the account title column (Closing Entries)
What is Sales
200
write each account's balance in either of these
What is the debit or credit
200
transactions, from information on source documents, are recorded in this
What is a journal
200
journal entires used to prepare temporary accounts for a new fiscal period
What is closing entries
300
this section contains several items in addition to basic financial statments
What is financial statements
300
write this title of the account credited in the next line of the account title column (Closing Entries)
What is income summary
300
write the word totals on the line below this
What is the last account title
300
journal entries are posted to this
What is the general ledger
300
accounts used to accumulate information from one fiscal period to the next
What is permanent accounts
400
the up-to-date account balances on a work sheet that are extended to columns for this
What is financial statements
400
write this title of the account debited in the account title column (adjusting entries)
What is Supplies Expense
400
write the column totals below this
What is the single line
400
fincial statements are prepared from this
What is a worksheet
400
accounts used to accumulate information until it is transfered to the owner's capital
What is temporary accounts
500
a financial statement that reports assets, liablities, and owner's equity on specific date is known as this
What is balance sheet
500
write this title of the account credited in the account title column (Adjusting Entries)
What is Supplies
500
rule double lines across both amount columns to show that the totals have been this
What is the totals are verified correctly
500
adjusting and closing entries are posted to this
What is the general ledger
500
a trial balance prepared after the closing entries are posted
What is post-closing trial balance
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