General
purpose of general journal
to assist in the reconciliation of accounts and to assist with producing financial statements.
Name of the cash payment journal in the ledger
The Letter C?
The Acronym for cash payments in the Ledger
What is C
Is accounts receivable a debit or credit
It is a credit account
A financial statement showing the revenue and expenses for a fiscal period
What is an Income Statement?
An amount of cash kept on hand and used for making small payments.
What is Petty Cash?
Purpose of the cash payments account
When you make any purchase
Transferring information from a Journal Entry to a ledger account
What is Posting?
Is Accounts Uncollectible a debit or a credit?
Is it a Debit?
Two types of taxes everyone must pay
What is State and Federal taxes?
Bring Ledger accounts up-to-date at the end of a fiscal period.
What is adjusting accounts
A check that cannot be processed because it has been made invalid.
What is a Voided Check?
Opposite of Accumulated Depreciation-Store Equipment
What is Depreciation Expense-Store Equipment?
The Journal is normally ruled at what point?
The end of the month?
A comparison between two components of financial information
What is the Financial Ratio?
Capital equation
Is Assets minus Liabilities
A report of deposits, withdrawals and bank Balances sent to a depositor by a bank.
What is a bank statement?
Purpose of a ledger
What is to track all accounts?
is account receivable considered an asset or a liability?
It is an asset
The process of planning, recording, analyzing and interpreting financial information.