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Accouting Cycle
Class and Balance
What's The Balance
Definitions
Name that Source Document
100
Organizing and Originating Transaction Data is this step of the Accounting Cycle.
What is the first step?
100
Commisions Earned
What is Revenue and Credit?
100
Debit $500.00 Credit $35.00 $400.00 $ 25.00
What is a debit balance of $890.00?
100
An entry that involves only two accounts is known as this.
What is a simple journal entry?
100
The firm paid the rent expense with Cheque 500.
What is Cheque 500?
200
The second step of the Accounting Cycle where the debits and credits are first recorded.
What is Journalizing?
200
Building
What is Asset and Debit?
200
Debit - $5000.00 Credit - $ 4400.00
What is a debit balance of $600.00?
200
The GAAP used by accountants to prove that a business transaction did occur is known as this.
What is the objectivity principle?
200
Made a deposit of all cash receipts to the business bank account.
What is a deposit slip or bank statement?
300
When debits and credits are transfered from the journal to the ledger it is called this.
What is posting?
300
Office Supplies
What is Asset and Debit?
300
Debit - $10000.00 $ 750.00 Credit - $15000.00
What is a credit balance of $4250.00
300
Normally revenue is expected to have this type of balance.
What is a credit balance?
300
Received a notification of my monthly phone bill.
What is an invoice?
400
There are this many steps in the Accounting Cycle.
What is seven?
400
Accounts Payable
What is Liability and Credit?
400
Credit $5000.00.
What is a credit balance of $5000?
400
A summary of the balances of the ledger accounts is known as this.
What is a trial balance?
400
Received a payment from Mr.D in the mail.
What is Receipt or Remittance slip?
500
Preparing the trial balance is this step in the cycle.
What is the fourth step?
500
A. Gareau, Drawing
What is Owner's Equity and Debit?
500
Debit - $500.00 450.00 34.00 Credit - $34.00 170.00 775.00
What is a debit balance of $5.00?
500
These are the five classes of accounts.
What are assets, liabilities, owner's equity, revenue, and expenses.
500
Sold a house for Mrs.B, payment to be made in 30 days.
What is a sales invoice?