Journalizing
When Journalizing a transaction in the General Journal, what is the very first thing you write?
The Date (Year, Month, Day)
In the General Ledger, does your cash account have a debit or a credit normal balance?
Debit normal balance
Far Left column
Which financial statement records the Revenue and Expenses of your business?
Income statement
What statement proves cash?
Bank Reconciliation
What are the 4 steps of Journalizing?
Date, Debit, Credit, Source Document
In the General Ledger, does your A/P-name account have a debit or a credit normal balance?
Credit normal balance
What are the 4 steps in completing a Trial Balance?
Trial Balance, Adjustments, Income statement, Balance sheet
Which financial statement records the Asset's, Liability's, and Owners Equity of your business?
Balance sheet
On which side does the outstanding checks get recorded?
Bank Statement
When writing a check to pay off an Accounts Payable, what Source Document do you use?
C# - Check
What is the Cash account General Ledger number?
#110
What two columns are never supposed to equal?
Income statement, Balance Sheet
When recording your Expenses, do you record you amounts on the Left column or the Right column?
Left column
On which side do the bank service charges get recorded
check stub balance
When buying supplies on Accounts Payable, what Source Document do you use?
M# - Memorandum
After posting something to your General ledger, where do you put the post reference?
in the post ref. column in the general Journal
What is the name of the difference between both your Income Statement and your Balance Sheet
Net Income/Loss
When adding up all your Expenses, which column do you write the total amount? Left or Right?
Right column
what are the two parts of a Bank Reconciliation?
check stub balance and Bank statement
When recording an Accounts Receivables transaction, what account do you credit?
Sales
How do you open a General Ledger account?
Account Name and Account number
(ex. Rent Expence... 510)
How do you know if you have Net Income vs Net Loss?
Your amount of Sales are larger then your Expenses
On the balance sheet, which side do you record your Assets?, your Liability's?, and your Owners Equity?
Assets = Right side
Liability's + Owners Equity = Left side
On which side does the outstanding deposits get recorded?
Bank statement