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Financial statements
adjusting/Closing entries
Posting
100
The total original price of all merchendise sold during a fiscal period
What is the cost of merchandise sold
100
accounts used to accumulate information until it is transfered to the owners capital account
What is temporary accounts
100
ledger that is summarized in a single general ledger account
What is subsidiary ledger
200
used to report a busines's financial progress
What is income statement
200
accounts used to acumulate information from one fiscal period to another
What is permanet accounts
200
account in a general ledger that sumarizes all accounts in a subsidiary
What is controlling accounting
300
they provide the primary source information needed by owners and managers to make decisions on the futer activity of the business
What is financial statements
300
used to summarize the closing entries for the revenue and expense accounts
What is income summary
300
contains only accounts for charged customers
What is accounts receivable ledger
400
the revenue remaining after cost of merchandise sold has been deducted
What is gross profit on sales
400
journal entries recorded to update general ledger accounts at the end of a fiscal period
What is adjusting entries
500
Net income / sales =
What is net income component percent
500
used to prepare temporary accounts for a new fiscal period
What is closing entries