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Vocab
T or F
Analyzing Transactions
Sentence Completion
Terms
100
A business that performs an activity for a fee
What is Service Business
100
The posting reference should always be recorded in the journals' Post Reference Column before amounts are recorded in the ledger
What is False
100
Received cash from owner as an investment
What is Debit Cash and Credit Capital
100
The last step in the posting procedure is writing
What is the account number in post ref column
100
A=L + OE
What is Accounting Equation
200
A business owned by one person
What is Sole Proprietorship
200
Black endorsements should be used when sending checks through the mail
What is False
200
Bought supplies using a debit card
What is Debit supplies and credit cash
200
An account number in the journal's post ref column shows
What is where the entry was posted
200
Journal entries to update accounts at the end of a fiscal period.
What is Adjusting Entries
300
A list of accounts used by a business
What is Chart of Accounts
300
When the petty cash fund is replenished, the balance of petty cash increases.
What is False
300
Paid cash to establish a petty cash fund
What is Debit Petty Cash and Credit cash
300
All of the separate amounts in the General Debit and Credit amount colums are posted
What is individually
300
Increase in OE from operation of a business
What is Revenue
400
Transferring information from a journal entry to a ledger account.
What is posting
400
General ledger accounts is an application of Matching Expenses with Revenue accounting concept.
What is True
400
Paid cash for insurance
What is Debit Prepaid Insurance and credit cash
400
A special endorsement indicates
What is a new owner of a check
400
Accounts used to accumulate information until transferred to OE
What is Temporary Accounts
500
Reports, Assets, Liabilities, and Owner's Equity on a specific date.
What is balance sheet
500
The value of the prepaid insurance coverage used during a fiscal period is an expense.
What is True
500
Bought supplies on account from Supplies Warehouse.
What is Debit Supplies and Credit A/P Supplies Warehouse
500
The balance prepared after the closing entries are posted is
What is post closing trial balance
500
Journal entries used to prepare temporary accounts for a new fiscal period.
What is Closing entries