Category 1
This source document is used when you are receiving cash.
What is Receipt?
All asset accounts have this normal balance.
What is Debit?
This is assigned to each account for organization purposes.
What is Account Number?
This source document is used when paying cash.
What is Check?
Liability accounts have this normal balance./
What is Credit Balance?
This is the process of looking at a transaction and recording it in a journal.
What is Journalizing?
This journal is used to make journal entries.
What is General Journal?
You will end up using these in order to make journal entries.
What is Source Document?
This asset account is used by companies who keep a small portion of cash on hand.
What is Petty Cash?
This is the process of transferring information from a journal to a general ledger account.
What is Posting?
If you have $20,000 worth of sales and $10,000 worth of expenses, you end up with this.
What is Net Income?
This is the place where we store all of the accounts for a business.
What is General Ledger?
This expense is used when paying for things like water and electricity.
What is Utilities Expense?
If you have $10,000 worth of sales, and $12,000 worth of expenses, you end up with this.
What is Net Loss?
This financial statement is used to record assets, liabilities, and owner's equity accounts.
What is Balance Sheet?
Revenue accounts are categorized using these numbers.
What is 400s?
This account is used to close out the sales and expense accounts.
What is Income Summary?
This expense account is used when preparing a petty cash fund.
What is Cash Short and Over?
This financial statement is used to show an updated owner's capital account balance.
What is Statement of Owner's Equity?
If the starting balance for Owner's Capital is $10,000 and you have a net loss of $5,000 and a Owner's Drawing balance of $5,000, what is the new Owner's Capital balance?
What is $0?
Assets, liabilities, and owner's capital accounts are known as these types of accounts.
What is Permanent Accounts?
This type of account reduces a related account.
What is Contra Account?
This is the process of making sure your checking account balance matches up to your bank statement.
What is Bank Reconciliation?
This is the process of making sure your debits equal your credits.
What is Double Entry Accounting?
These 4 types of accounts are known as temporary accounts.
What is Sales, Expenses, Income Summary, and Drawing Account?