The journal or the first formal accounting record of a transaction.
What is a book of original entry?
100
Reports assets, liabilities, and owner’s equity on a specific date. It is called a balance sheet because it confirms that the accounting equation is in balance.
What is balance sheet?
100
A day–by–day listing of the transactions of a business.
What is a journal?
100
The difference between the footings of an account.
What is a balance?
200
A revenue entry
What is a journal entry under debit that lists $200 for accounts payable and $100 for cash?
200
A general journal entry that affects more than two accounts.
What is compound entry?
200
Reports the profitability of business operations for a specific period of time.
What is an Income Statement?
200
A general journal entry that affects more than two accounts.
What is a compound entry?
200
The normal balance of liability, owner’s equity, and revenue accounts.
What is a credit balance?
300
Payment of advertising fee with cash.
What is a journaled expense?
300
An entry to correct an incorrect entry that has been journalized and posted to the wrong account.
What is correcting entry?
300
Another name for the income statement, which reports the profitability of business operations for a specific period of time.
What is a profit and loss statement?
300
The information in the Posting Reference columns of the journal and ledger that provides a link between the journal and ledger.
What is cross–reference?
300
The normal balance of asset, expense, and drawing accounts.
What is a debit balance?
400
A journaled $700 debit, $100 cash credit and $600 accounts payable credit.
What is a $700 office purchase with $100 cash and $600 on account?
400
A system in which each transaction has a dual effect on the accounting elements.
What is double-entry accounting?
400
Another name for the income statement, which reports the profitability of business operations for a specific period of time.
What is an operating statement?
400
The journal or the first formal accounting record of a transaction.
What is a book of original entry?
400
The side of an account that is increased.
What is normal balance?
500
$100 cash journaled as both credit and debit.
What is $100 cash received for account payment?
500
Journal entries made at the end of an accounting period to reflect changes in account balances that are not the direct result of an exchange with an outside party. Found in Chapter 5 so 500+ bonus for anyone who got this!
What is adjusting entries?
500
Reports beginning capital plus net income less withdrawals to compute ending capital.
What is a statement of owner’s equity?
500
A complete set of all the accounts used by a business. The general ledger accumulates a complete record of the debits and credits made to each account as a result of entries made in the journal.
What is a general ledger?
500
A list of all accounts, showing the title and balance of each account, used to prove that the sum of the debits equals the sum of the credits.