An all-purpose journal in which all transactions of a business may be recorded.
What is the general ledger?
100
the process of transferring information from the general journal to individual general ledger accounts, the fourth step in the accounting cycle.
What is posting
100
adding all the debit balances, then adding all the credit balances, and finally comparing the two totals to see if the are equal.
What is proving the ledger?
200
the first two columns are used to enter debit and credit amounts posted from journal entries. The last two columns are used to enter new account balances after a journal entry is posted.
What is the four- column ledger account form?
200
for every journal entry, you will post to at least two ledger accounts. You will post the debit part of the entry to one ledger account and the credit part of the entry to another ledger account.
What is posting to general ledger accounts?
200
a formal way to prove the debits equal the credits.
What is trial balance?
300
the accounting stationery used to record financial information about specific accounts.
What is ledger accounting form?
300
a line should be drawn across the center of the column--where the normal balance would appear.
What is showing a zero balance?
300
Occurs when Two digits within an amount are accidentally reversed, or transposed.
What is transposition error?
400
1. write the account name at the top of the ledger account form.
2. write the account number on the ledger account form.
What is opening a account with a zero blance?
400
-Debit ammounts are added together.
-Credited ammounts are added together.
-Debit and credit ammounts are subtracted.
What is Calculating Balances?
400
Occurs when a decimal point is moved by mistake.
Ex: if you write $1,800 as either $180 or $18,000.
What is slide error?
500
To obtain information about a specific business transaction, a manager might refer to this.
What is the journal entry?
500
When an error in a journal entry is discovered AFTER posting, to fix the error.