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Accounting Transactions 1
Accounting Transactions 2
Accounting Vocabulary 1
Accounting Vocabulary 2
Accounting Vocabulary 3
100

Paid cash for advertising in a professional journal...DR/CR

DR: Advertising Expense

CR: Cash

100

Paid cash to establish a petty cash fund...DR/CR

DR: Petty Cash

CR: Cash

100

A list of accounts used by a business

chart of accounts

100

A financial statement that reports assets, liabilities, and owner's equity on a specific date

balance sheet

100

A financial statement showing the revenue and expenses for a fiscal period

income statement

200

Sold services on account...DR/CR

DR: Accounts Receivable

CR: Sales

200

Bought supplies on account...Dr/Cr

DR: Supplies 

CR: Accounts Payable

200

Transferring information from a journal entry to a ledger account

posting

200

An increase in equity resulting from the sale of goods or services

revenue

200

An accounting device used to analyze transactions

T account

300

Paid cash on account...DR/CR

DR: Accounts Payable

CR: Cash

300

Received cash on account...DR/CR

DR: Cash

CR: Accounts Receivable

300

A person or business to whom a liability is owed

creditor

300

A proof of the equality of debits and credits in a general ledger

trial balance

300

Journal entries used to prepare temporary accounts for a new fiscal period

closing entries

400

Paid cash to owner for personal use...DR/CR

DR: Drawing

CR: Cash

400

Recorded bank service charge...DR/CR

DR: Miscellaneous Expense

CR: Cash

400

The cost of goods or services used to operate a business

expense

400

Reporting income when earned and expenses when incurred

accrual basis of accounting

400

Accounts used to accumulate information until it is transferred to the owner's capital account

temporary accounts

500

Paid cash to replenish the petty cash fund for supplies...DR/CR

DR: Supplies 

CR: Cash

500

Received notice from the bank of a dishonored check...DR/CR

DR: Accounts Receivable

CR: Cash

500

A planned process designed to compile financial data and summarize the results in accounting records and reports

Accounting System

500

Accounts used to accumulate information from one fiscal period to the next

permanent accounts

500

Journal entries recorded to update general ledger accounts at the end of a fiscal period

adjusting entries