transferring information from a journal entry to a ledger account
What is a posting?
100
source documents are checked for accuracy and transactions are analyzed into debit and credit
What is the first step?
100
anything of value that is owned
What is an asset?
200
writing the date and journal page number
What is first step in a posting?
200
post them to the general ledger
What do you do after recording transactions into a journal?
200
a record summarizing all the information pertaining to a single item in the accounting equation
What is an account?
300
no
Are seperate amounts in a journals special amount column posted individually?
300
a work sheet
What is created from the general ledger?
300
a financial statement showing the revenue and expenses for a fiscal period
What is an income statement?
400
general ledger account
For most journal entries, at least one seperate amount is posted individually to a ________
400
a series of accounting activites included in recording financial information for a fiscal period
What is an accounting cycle?
400
an amount of cash kept on hand and used for making small payments
What is petty cash?
500
so an entry can be traced to its source, to where it was posted and if the posting is interupted the accounting personnel can see which entries still need to be posted
What is the 3 purposes of the Post. Ref column?
500
a post closing trial balance of the general ledger is prepared
What is the final step?
500
a financial statement that reports assets, liabilities and owners equity on a specific date