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Intro to Accounting > Journalizing > Flashcards

Journalizing Flashcards

1
Q

What is Journal

A

Record of transactions in chronological order

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2
Q

What is a General Journal

A

Main Journal of business

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3
Q

What is Journalizing

A

Recording transactions

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4
Q

Why can a journal be called book of original entry

A

It’s where transactions are first recorded

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5
Q

What is a Chart of Accounts

A

A list of names and account #’s of all accounts in a ledger

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6
Q

What is Accounting Numbering System

A

100-199 Assets
200-299 Liabilities
300-399 OE
400-499 Revenue
500-599 Expense

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7
Q

What are source documents

A

Paper that shows transaction has occured

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8
Q

What is audit

A

Systematic check for accounting records

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9
Q

What is a compound entry

A

More than one debit/credit

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10
Q

What is double entry accounting

A

When debit = credit

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11
Q

What does PR stand for

A

Posting reference

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12
Q

What is Posting Reference

A

Process of taking info from journal to ledger

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13
Q

What is a sales slip cash receipt

A

A sale of goods or services in cash

Debit: Cash
Credit: Sales (g) or Fees Earned (s)

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14
Q

What is a sales invoice

A

A sale of good or services on account

Debit: A/R
Credit: Sales/Fees Earned

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15
Q

What is a Purchase invoice

A

A purchase of g/s on account

Debit: Expense/asset account
Credit: A/P

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16
Q

What is a cheque issued

A

Paying an account payable
Cash purchase of an asset
Cash payment for an expense
Owner draws out money for personal use

Debit:
1. A/P - Supplier Name
2. An asset account (need proof w source document)
3. An expense account (need proof w source document)
4. The drawings account

Credit:
Cash

17
Q

What is a cheque recieved

A

Customers are paying their account

Debit:
Cash

Credit:
Accounts Receivable - Customer Name

18
Q

WHat is Bank debit memo

A

Bank account decrease

Debit:
Interest Expense (or other account such as Service Fees)

Credit:
Cash

19
Q

What is Bank credit memo

A

Bank account increase

Debit:
Cash

Credit: Interest Earned or other account

20
Q

What is Cash receipts daily summary

A

A collection of cash from customers

Debit:
Cash

Credit:
A/R - Customer Name OR/& Sales/Service Revenue

21
Q
A

Intro to Accounting (4 decks)

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