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Vocab
What is the transaction?
Worksheet
Vocab 2
Misc
100
The cost of goods or services used to operate a business.
What is expense?
100
Ms. Loser Capital Credit & Cash Debit
What is Received cash from owner as an investment?
100
Income Statement Debit
What is Expenses?
100
An accounting device to analyze transactions
What is T account?
100
Reporting changes in financial information for a specific period of time in the form of financial statements is this accounting concept.
What is Accounting period cycle?
200
A list of accounts used by a business.
What is chart of accounts?
200
Prepaid Insurance Debit & Cash Credit
What is Paid cash for Insurance?
200
Income statement credit
What is revenue?
200
Transferring information from a journal entry to a ledger account.
What is posting?
200
Debit Petty Cash, $200.00 & credit Cash $200.00
What is establishing a petty cash fund?
300
A financial statement showing the revenue and expenses for a fiscal period.
What is income statement?
300
Sales Credit & Cash Debit
What is Received cash from sales?
300
Balance Sheet Credit
What are liabilities and owners equity?
300
Reporting income when earned and expenses when incurred.
What is accrual basis of accounting?
300
Journal page number in the Post Ref. column of the journal.
What is the last step in posting?
400
A person or business to whom a liability is owed.
What is creditor?
400
Accounts Receivable -Main Street Services debit & Sales Credit
What is Sold services on account to Main Street Services?
400
Balance sheet debit
What are assets?
400
A proof of equality of debits and credits in a general ledger.
What is trial balance?
400
An account 510 mean this account is in this
What is expense division?
500
Journal entries recorded to update general ledger accounts at the end of a fiscal period.
What is adjusting entries?
500
Cash Debit & Main Street Services Credit
What is Received cash on account from Main Street Services?
500
General ledger account balances are transfer to this section of the worksheet.
What is trial balance?
500
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
What is balance sheet?
500
Assets = Liabilities + Owner's Equity
What is the accounting equation?