Show:
Account Classification
Cash Receipts and Payments
Posting to the General Ledger
Cash controls
Financial Reporting
100
Cash, petty cash, accounts receivable, prepaid insurance, supplies
What is an asset?
100
When a sale is made "on account", this entry is done to accounts receivable
What is a debit?
100
is necessary in the Post Ref. column of the journal to indicate that NONE of the individual numbers in that entry (line) are posted
What is a "check mark"?
100
Postdated, altered, signature doesn't match, amounts in figures and words don't agree, or stopped payment so bank refuses to pay
What is a dishonored check?
100
The period of time that is selected by a business to summarize and report financial information
What is a fiscal period?
200
"Temporary" accounts that increase and decrease owner's capital
What are revenue and expense?
200
When cash is paid for a purchase made previously "on account", this account is debited
What is accounts payable?
200
All of the entries in these journal columns are posted individually to the general ledger accounts
What is general journal columns?
200
An amount of cash kept on hand and used for making small payments
What is petty cash?
200
Net income
What is revenue less expenses equal to?
300
Owner's draw and expense accounts
What are two "equity" accounts that have a normal debit balance
300
When cash is received "on account", this account is credited
What is accounts receivable?
300
only column totals are posted to the general ledger for these accounts
What is sales and cash?
300
A check that contains errors and must be marked so others will know it is not to be used
What is a void?
300
Proof of the equality of debit and credits in the general ledger
What is a trial balance?
400
Accounts payable and sales have this as a normal balance
What is a credit?
400
When a purchase is made "on account", this entry is made to accounts payable
What is a credit?
400
Write the general ledger account number in the journal Post. Ref column
What is the last step in the posting process?
400
This endorsement includes the words, "for deposit only to the account of"
What is a restrictive endorsement?
400
a financial statement that reports assets, liabilities and owner's equity on a specific date
What is a balance sheet?
500
Expense accounts in the chart of accounts begin with this digit
What is 4?
500
Cash payment to owner for personal use gets posted to this account
What is owner's drawing account?
500
arranging accounts in a general ledger, assigning account numbers, and keeping records current
What is file maintenance?
500
Use dollar signs, commas and decimals when writing numbers in this verification of the checkbook balance
What is cash proof?
500
An accounting concept that says revenue and the expense associated with earning the revenue are recorded in the same accounting period
What is Matching expenses with revenue?