Vocabulary
The Process of planning, recording, analyzing and interpreting financial information.
Accounting
A specialized journal referred to as the main accounting entry journal to keep track of the sales of items when cash is received
Cash Journal
This goes to the far left of the posting journal
The date
an entry recorded for a payment made or owed
Debit
Your first step in journaling, similar to posting
The date
a planned process designed to compile financial data and summarize the results in accounting records and reports.
Accounting System
A specialized accounting journal to keep track of the sales of items customers have purchased on account
Sales Journal
This is the third box on the posting journal
The journal page also known as the posting reference
an entry that records a decrease in assets or an increase in liability as well as a decrease in expenses or an increase in revenue
Credit
write the debit amount in the debit column
Equity
A daybook or subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors etc.
General Journal
This comes after the posting reference
The debit or credit column
any resource owned or controlled by a business or an economic entity.
Assets
what you record to even out the debit column
the credit amount in the general credit column
The principals of right and wrong that guide an individual in making decisions
Ethics
A specialized accounting journal and it is also a prime entry book/daybook/main entry book which is used in an accounting system to keep track of the orders of items placed using accounts payable.
Purchase Journal
This is your finishing number that comes after the last amount
Finishing account balance
the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events
Liabilities
this is your last step in journaling and goes in the doc. No. Column
The document number of the transaction
A formal report that shows what an individual owns, what an individual owes and the difference between the two.
Net Worth Statement
The amount payable accounting entries to the creditors of the company for the purchase of goods or services
Accounts Payable Journal
You take this from your posting to your journal to associate your numbers with this
Write the account number in your post reference in your journal
The act of placing cash with some entity, most commonly with a financial institution, such as a bank
A Deposit
after a journal page is proved it is____
Ruled