The General Ledger
This is the group of accounts used by a business, often referred to as the "book of final entry."
General Ledger
In the general journal this account is entered first
Debit Account
Accounts Payables are listed in this number catagory
200's
In every journal entry, these two totals must always be equal.
Debits and Credits
This fictional city is the home of the superhero Batman.
Gotham City
This is the only time an expense account will have a credit entry.
When correcting and entry after it has already been posted
This is the process of transferring information from the General Journal to the General Ledger.
Posting
These three account types are increased with a debit entry.
Assets, Expenses and Drawing
Assets
This is the first step in the accounting cycle, where transactions are recorded in date order.
General Journal
In the wizarding world of Harry Potter, this is the name of the train station platform where students board the Hogwarts Express.
Platform 9 and 3/4
When looking at a ledger account, this column is updated to show the current amount in the account after every entry.
The Balance Column
To increase a Liability account or the Owner’s Capital account, you must apply this type of entry.
Credit
This specific account is used to record the owner's total investment in the business
Capital Account
When a business receives cash for services performed, these are the two accounts affected.
Cash and Sales(revenue)
This country is home to the most natural lakes in the world—more than the rest of the world combined.
Canada
This number is placed in the "Post Ref." column of the Journal only after the amount has been successfully transferred to the ledger.
Account Number
This is the "Normal Balance" side for the Owner’s Drawing account.
Debit Side
If I have Advertising Expense (510), Insurance Expense (520), and Rent Expense (530), what numbers would I assign Communications Expense and Repairs Expense?
Communication Expense (515) Repairs (540)
When paying $500 on account to a creditor, you would debit this account.
Accounts Payable
This common kitchen spice is actually the dried bark of a tree.
Cinnamon
This is the list of all of the accounts and account numbers for a business.
Chart of Accounts
Because Revenue increases Owner's Equity, its normal balance is on this side.
Credit Side
In the chart of accounts the 200's division includes these
Liabilities or Accounts Payable
This source document is the proof for a transaction where cash is received from a source other than a sale.
Receipt
This legendary artist painted the Mona Lisa and the Last Supper.
Leonardo da Vinci