The series of accounting activities included in recording financial information for a fiscal period.
What is the accounting cycle?
100
Closing entry for Sales.
What is debit Sales and credit Income Summary?
100
______ should be recorded after amounts are recorded in the general ledger.
What is post reference?
100
A business owned by one person.
What is a proprietorship?
100
Paid cash on account using EFT.
What is debit Accounts Payable and credit Cash?
200
Assets = Liabilities + Owner's Equity
What is the accounting equation?
200
Adjusting entry for Supplies.
What is debit Supplies Expense and credit Supplies?
200
Going to the journal and writing the amount number, or check mark, in parenthesis.
What is the last step in the posting procedure?
200
Accounts used to accumulate information until it is transferred to the owner's capital account.
What are temporary accounts?
200
Discovered that a payment of cash for Advertising was journalized and posted in error as debit to Miscellaneous Expense instead of Advertising Expense.
What is debit Advertising Expense and credit Miscellaneous Expense?
300
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
What is a balance sheet?
300
Paid cash to establish a Petty Cash fund.
What is debit Petty Cash and credit Cash?
300
Income Summary, Revenue, Expenses, Drawing.
What are temporary accounts?
300
A proof of equality of debits and credits in a general ledger.
What is a trial balance?
300
Sold Services on account.
What is debit Accounts Receivable and credit Sales?
400
A business paper form which information is obtained for a journal entry.
What is a source document?
400
Closing entry for Expense Accounts.
What is debit Income Summary and credit Expenses?
400
Total Expenses / Total Sales = ______
Net Income / Total Sales = _________
What is Component Percentage?
400
Journal entries recorded to update general ledger accounts at the end of a fiscal period.
What are adjusting entries?
400
Adjusting entry for Insurance.
What is debit Insurance Expense and credit Prepaid Insurance?
500
A columnar accoutning form used to summarize the general ledger information needed to prepare financial statements.
What is a work sheet?
500
Purchased Supplies using Debit Card.
What is debit Supplies and credit Cash?
500
Net Income.
What is Total Revenue - Total Expenses?
500
Journal entries used to prepare temporary accounts for a new fiscal period.
What are closing entries?
500
Paid cash to replenish the Petty Cash fund; Miscellaneous Expense; Advertising Expense.
What is debit Miscellaneous Expense, debit Advertising Expense, and credit Cash.