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Vocabulary
Posting adjusting/closing entries to ledger.
Misc.
100
The percentage relationship between one financial statement item and the total that incluides that item.
What is component percentage?
100
A worksheet.
What is the information taken off of in order to make the adjusting entires on the ledger?
200
Accounts used to accumulate information from one fiscal period to the next.
What is permanent accounts?
200
Supplies and Prepaid Insurance
What is the 2 usual accounts that will have adjusting entries?
300
Accounts use to accumulate infromation until it is transferred to the onwer's capital account.
What is temporary accounts?
300
Supplies Expense/Insurance Expense
What is the account that you will debit when making a supplies/prepaid insurance adjusting entry?
400
Jounral entries recorded to update general ledger accounst at the end of a fiscal period.
What is adjusting entries?
400
The valued amount left form either the supplies or insurance that you have in the business.
What is the amount that should be listed on the journal from the worksheet?
500
Journal entries used to prepare temopary accounts for a new fiscal period.
What is closing entries?
500
General Debit and General Credit
What columns are the adjusting entries listed under on the journal?
500
Debiting the Income summary and then crediting each individual account.
How do you close the expense accounts?