Chapter 10
After posting to the General Journal, accountants post to these?
General Ledgers
If an error is made while writing a check, you want to _____ the check.
Void
What is a fixed amount of money paid to an employee for each pay period?
Salary
True or false? Until paid, an employer's payroll are liabilities of the business.
True
What type of merchandising business sells to the final user? (to you, the consumer)
Retailer
What is the 9th step in the Accounting Cycle?
Preparing a Post-Closing Trial Balance
What form lists the cash and checks to be placed into the bank account?
Deposit Slip
What is a list of the employees and the payments due to teach employee for a specific pay period?
Payroll
When posting payroll taxes to the General Ledger, which account is credited?
Payroll Tax Expense
What are goods bought for resale?
Merchandise
What is the 8th step in the Accounting Cycle?
Journalizing the Closing Entries
Which type of endorsement transfers ownership of the check to a specific individual or business?
Special Endorsement
What type of payment is an amount paid to an employee based on a percentage of the employee's sales?
Commission
What is the expense account used to journalized employees' earnings called?
Salaries Expense
What is the sale of merchandise that will be paid for at a later date?
Sales on Account
Which account is used to accumulate and summarize the revenue and expenses for that particular accounting period?
Income Summary Account
What type of check is retuned because the drawer's checking account does not have enough funds to cover the amount of the entire check?
NSF Check
What type of pay is the amount left after total deductions have been subtracted?
Net Pay
When a semimonthly payroll is paid, the credit to Cash is equal to what?
The Net Pay for All Employees
What type of account decreases the balance of its related account?
Contra Account
The Capital Account balance minus the Net Loss minus the Withdrawals Account equals what?
Capital Amount shown on the Balance Sheet
What is the process of determining any differences between the bank statement and the checkbook?
Reconciling the Bank Statement
List 3 types of payroll deductions.
Social Security, Medicare, Hospital Insurance Premium, Federal Income Tax, State Income Tax, Others
What is the form that accompanies the payment of taxes to the federal government?
Form 8109
What contains detailed data summarized to a controlling account in the general ledger?
Subsidiary Ledger