Show:
General Journal
General Ledger
Chart of Accounts
Adjusting Entries
The Worksheet
100
The purpose of the General Journal
What is to record all financial transactions of a business?
100
The purpose of the General Ledger.
What is to classify transactions by account?
100
Accounts Receivable is this classification.
What is an asset?
100
The purpose of an adjusting entry.
What is to transfer the used-up portion of an asset to an expense?
100
The purpose of the worksheet.
What is to gather financial data to prepare financial statements?
200
The order of entries in the General Journal
What is chronological?
200
The definition of posting.
What is transferring transaction data from the General Journal to the General Ledger?
200
Fees Income is this classification.
What is Revenue or Owner's Equity?
200
The frequency of posting adjusting entries.
What is at the end of the period?
200
The first columns of the worksheet.
What is the Trial Balance?
300
A entry consisting of more than one debit and/or credit.
What is a compound entry?
300
The purpose of the Post Reference in the General Ledger.
What is the Journal and page number of the original entry?
300
Accumulated Depreciation is this type of account.
What is a contra asset?
300
An example of a prepaid expense
What is prepaid rent (or prepaid insurance, prepaid advertising)?
300
The five sections of the worksheet
What is Trial Balance, Adjusting Entries, Adjusted Trial Balance, Income Statement, and Balance Sheet?
400
The account listed first in a General Journal entry.
What is a Debit?
400
How General Ledger accounts are organized.
What is by account number?
400
Drawing is this account classification.
What is Owner's Equity?
400
The purpose of the accumulated depreciation account.
What is to allocate the cost of an asset over its useful life?
400
These accounts transfer from the Adjusted Trial Balance to the Income Statement columns of the worksheet.
What is Revenue and Expenses?
500
Another name for the General Journal.
What is the book of original entry?
500
The way to correct entries in the General Ledger.
What is creating a correcting entry?
500
The order in which account classifications are listed in the chart of accounts.
What is assets, liabilities, capital, revenue, expenses
500
The equation to calculate straight-line depreciation.
What is acquisition cost minus salvage value divided by useful life?
500
The difference between the totals of the Income Statement debit and credit columns.
What is Net Income or Net Loss?