double entry framework and journalizing & posting transactions Flashcards Preview

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Flashcards in double entry framework and journalizing & posting transactions Deck (41)
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1

debit on ___ side

left

2

credit on ___ side

right

3

assets accounts ____ on debit side; ____ on credit side

increase; decrease

4

in ever transaction, debits must ___ credits

equal

5

liability accounts ___ on debit and ___ on credit

decrease; increase

6

capital accounts ___ on debit and ___ on credit

decrease; increase

7

capital accounts are just like ___ accounts

liability

8

drawing accounts ___ on debit and ___ on credit

increase; decrease

9

drawing accounts are just like ___ accounts

asset

10

revenue accounts ___ on debit and ___ on credit

decreaes; increase

11

expense accounts ____ on debit and ___ on credit

increase; decrease

12

expense accounts are just like ___ accounts

asset

13

listing of all accounts and their balances; a totaling of debits and credits; is proof that debits equal credits and accounting equation remained in balance

trial balance

14

used as an aid in preparing financial statements

trial balance

15

listed first in trial balance

assets

16

listed next after assets

liabilities

17

analyze transactions using ____ and ___

source documents; chart of accounts

18

enter business transactions in general journal

journalizing

19

post entries in journal to general ledger

posting

20

from a general ledger prepare a _____

trial balance

21

list of all accounts used by a business in numeric order used to determine which accounts are affected by a given transaction

chart of accounts

22

___ begin with 1

assets

23

___ begin with 2

liabilities

24

___ begin with 3

OE

25

___ begin with 4

revenues

26

___ begin with 5

expenses

27

trigger analysis of what happened; begin the process of entereing transactions in accounting system; serve as objective evidence of business transactions; filed for possible future reference

source documents

28

provides info. about cash payments

check stubs/copies of checks

29

provides info. about cash receipts

receipt stubs, copies of receipts, cash register tapes/ memos of cash register totals

30

provides info. about sales of goods and services

copies of sales tickets/sales invoices issued to customers