Chart of Accounts
Posting from a General Journal to a General Ledger
After Posting
Dealing with Cash
Bank Reconciliation
100
This is a list of account titles and numbers showing the location of each account in a ledger.
What is a Chart of Accounts.
100
This process transfers information from a journal entry to a ledger account.
What is posting.
100
This process determines that the amount of cash agrees with the balance of the cash account in the accounting records.
What is proving cash.
100
A bank account from which payments can be ordered by a depositor.
What is a checking account.
100
A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.
What is a Bank Statement.
200
Cash, Petty Cash, Accounts Receivable, Supplies, and Prepaid Insurance accounts are all in this account category.
What is Assets?
200
This is the first step for any type of posting.
What is writing the date.
200
These entries are made to fix any errors in the ledger after posting has been completed.
What are correcting entries.
200
A signature or stamp transferring ownership of a check.
What is an endorsement.
200
This form is prepared by a customer every time cash or checks are deposited.
What is a deposit slip.
300
This type of ledger contains all accounts needed to prepare financial statements.
What is a General Ledger.
300
This column lets you know which account the transaction needs to be posted to.
What is the Account Title column.
300
Errors discovered before entries are posted can be corrected by doing this.
What is ruling through the item.
300
If a check that contains any errors is marked with this word so that others will know it is not to be used.
What is VOID.
300
A bank service charge is normally considered to be this type of expense.
What is a Miscellaneous Expense.
400
Accounts in this group are classified as either Assets, Liabilities, or Owner's Equity accounts.
What are Balance Sheet Accounts.
400
An account had a previous debit balance of $300. After this new transaction was posted, there is a debit balance of $750.
What is a debit of $450.
400
This is the last step when journalizing a correcting entry.
What is writing the source document number.
400
An endorsement restricting further transfer or a check's ownership.
What is a Restrictive Endorsement.
400
This is the source document for a bank service charge transaction.
What is a Memorandum.
500
Accounts in this group are classified as either Revenue or Expense accounts.
What are Income Statement Accounts.
500
The numbers in this column of the general ledger account and the general journal serve three purposes. 1. An entry in an account can be traced to its source in a journal. 2. An entry in a journal can be traced to where it was posted in an account. 3. If posting is interrupted, anyone can easily see which entries still need to be posted.
What is the Posting Reference Column.
500
This is the source document for a correcting entry.
What is a Memorandum.
500
A check with a future date on it.
What is a Postdated check.
500
A check issued by a depositor that has not been reported on a bank statement yet.
What is an Outstanding Check.
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