Financial statements
Adjusting/ Closing Entries
Posting
The Accounting Cycle
Account Vocabulary
100
a financial statement that reports assets, liablities, and owner's equity on a specific date is this
What is a balance sheet
100
write this heading in the middle of the account title column of the journal (closing entries)
What is closing entries
100
write the titles of all general ledger accounts with balances in this
What is account title column
100
the series of accounting activities included in recording financial information for a fiscal period
What is an accounting cycle
100
journal entries recorded to update general ledger accounts at the end of a fiscal period
What is adjusting entries
200
the up-to-date account balances on a work sheet that are extended to columns for this
What is financial statments
200
what is the title of the account debited in the account title column (closing entries)
What is sales
200
write the account's balacne in either of these
What is debit or credit
200
transactions, from information on source documents, are recorded in this
What is a journal
200
journal entries used to prepare temporary acoounts for a new fiscal period
What is closing entries
300
this section contains addittional, detailed items in addition to basic financial information
What is a financial statement
300
write the title of the account credited in the next line od the account title column (closing entries)
What is income summary
300
write the totals on the line below this
What is the last account title
300
journal entries are posted to this
What is general ledger
300
accounts used to accumulate informatiojn from one fiscal period to the next
What is permanent accounts
400
these cover a months information for a company
What is a financial statement
400
write this title of the account debited in the account title column (adjusting entries)
What is supplies expense
400
write the column totals below this
What is the single line
400
finical statements are prepared from this
What is a work sheet
400
accounts used to accumulate information until it is transfered to the owner's capital
What is temporary accounts
500
balance sheet, income statement, and statement of cash flow are these
What is the three main financial statements
500
write the title of the account credited in the account title column (adjusting entries)
What is supplies
500
rule double lines across both amount columns to show that the totals have been this
What is verified as correct
500
Adjusting and closing entries are posted to this
What is the general ledger
500
a trial balance prepared after the closing entries are posted
What is post-closing trial balance
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