Vocabulary
A group of accounts
What is a ledger?
The Assets Division in the general ledger
What is 100s?
Do these two things to open an account
What is write the account name and the account number?
This goes in the post ref column
What is the journal page in which the transaction came from?
Sales total = $45,678
What is $45,678 credit
A ledger that contains all the accounts needed to prepre financial statements
What is a general ledger?
The Revenue Division in the general ledger
What is 400s?
Asset account should always have this type of balance amount?
What is Debit?
Transactions in these columns are posted individually
What is the general debit and credit column?
Sold services on account to Ryan Goldsmith, $556
What is $556 debit?
DAILY DOUBLE
The procedure for arranging accounts in a general ledger, assigning acocunt numbers, and keeping records current.
What is File Maintenance?
Location within the general ledger for cash
What is 110?
The entire post ref column must be filled except for...
What is the totals line?
Transactions in these columns require only the column total to be posted
What are special amount columns or Sales Credit, Cash Debit, Cash Credit?
2 Transactions (Not for supplies)
1. Bought supplies on account from GOAT USA for $550.
2. Paid GOAT USA on account $300
What is $250 credit?
Transferring information from a journal entry to a ledger account.
What is posting?
Order for all expense accounts in the chart of accounts
What is alphabetical?
These should appear under the General Debit and Credit Columns to show posting has been completed.
What are check marks (in parentheses) ?
This is posted to the post ref column on the journal
What is the account number?
Supplies Purchased
$4,875
$9,437
$567
What is $14,879 Debit?
When a transaction has been improperly journalized and posted to the ledger you need to do this.
What is a correcting entry?
Gasoline expense account number?
Advertising expense 510
Miscellanous Expense 520
What is 515?
These should appear under the special amount columns to show that posting has been completed
What are account numbers (in parentheses) ?
The 5 steps in posting from a journal to a ledger
What is write the date, Journal page number, debit or credit amount, balance, Account number to journal?
Cash Debit $11,459
Cash Credit $1,567
What is $9,892 debit?