Vocabulary
Normal Balance
T Accounts
Journaling
Journalizing Transactions
100
An accounting device used to analyze transactions.
What is a T Account?
100
The normal balance side of an asset account.
What is the left side (debit side)?
100
The left side of the T Account.
What is the debit side?
100
A column that is not headed with an account title.
What is a general amount column?
100
Received cash from owner as an investment, $10,000. Receipt number 1.
What is Capital, R1, credit the general and debit the cash.
200
A form for recording transactions in chronological order.
What is a journal?
200
The normal balance side of liabilities and owner's equity accounts.
What is the right side (credit side)?
200
The right side of the T Account.
What is the credit side?
200
The two accounts that are considered special amount columns.
What is cash and sales?
200
Paid cash for insurance, $1200. Check No 2.
What is Prepaid Insurance, C2, Debit general and credit cash.
300
The recording of debit and credit parts of a transaction.
What is double entry accounting?
300
The normal balance side of expense accounts.
What is the left side (debit side)?
300
The two accounts do not follow the usual rules for T Accounts.
What is expense accounts and drawing accounts?
300
Name five types of source documents.
What is sales invoice, check, memorandum, calculator tapes, and receipts?
300
Bought supplies on account from Ling Music Supplies, $400. Memorandum 1.
What is Supplies, M1, debit general. Accounts Payable- Ling Music Supplies, credit general.
400
A business paper from which information is obtained for a journal entry.
What is a source document?
400
The normal balance side of a drawing account.
What is the left side (the debit side)?
400
The first two steps to analyzing a transaction with T Accounts.
What is naming the accounts that are affected and how they are classified?
400
The first thing you fill in when journalizing a transaction.
What is the date?
400
Recieved cash from sales, $2500. Tape No. 12.
What is check mark, T12, credit sales and debit cash.
500
A form on which a brief message is written describing a transaction.
What is a memorandum?
500
When something is the "normal balance side", it means that...
What is the account increases on that side and usually has a balance on that side?
500
What are the last two steps for analyzing a transaction with a T Account?
What is classifying how each account is changed and how the amount is entered into the account?
500
The last thing you fill in when journalizing a transaction.
What is the document number?
500
When you are at the bottom of the page, and need to journalize the next transaction, you should...
What is total the columns, Carried Forward, Brought Forward?
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