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The main difference between a service business and a merchandising business is?
When a business keeps its accounting records on the assumption that it will make money and continue in business indefinitely, it is applying this accounting concept.
A cash payments journal includes how many special amount columns and what are they?
Keeping the reports and financial records of a business separate from the personal records of the partners is an application of the accounting concept
When merchandise is withdrawn by a partner, the transaction will increase the balance of the ____ account and decrease the balance of the ___ account
The purchases account is classified as a ? account
Assets taken out of a business for the personal use of an owner are usually
The source document for a cash purchase is a
Supplies bought for use in a business are recorded in the
The source document for recording a purchase on account transaction is a
The entry to journalize a purchase of merchandise on account is
Accounts related to the cost of merchandise are kept in a ? division in the general ledger chart of accounts.
Buying supplies on account increases the ? account balance and increases the ? ? account balance.
The selling price of merchandise must be ____ than the cost of merchandise for a business to make a profit.
The cost account purchases in a ? account.
A cash purchase transaction ? the balance of the cash account.
Which of these accounts has a normal credit balance?
The entry to journalize a payment to replenish a petty cash fund is debit
Accounting and Financial Reporting Back to Table of Contents.
Journalizing Sales and Cash Receipts Using Special Journals.
1. Record a trial balance on a worksheet. 2. Complete the worksheet. 3. Prepare the income statement, statement of owners equity, and balance sheet from.
Home. Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Copyright © by The McGraw-Hill Companies, Inc. All rights.
CHAPTER 11 RECORD KEEPING AND ACCOUNTING February 12, 2014ENTREPRENEURSHIP (Ms. Hawkins)1 This chapter describes the importance of keeping business records.
Accounting for Stock Chapter 8. Stock Stock – goods purchased by a trading firm for the purpose of resale at a profit. Note - shelving, business vehicles.
Accounting Chapter 11 – Test Review. TRUE or FALSE? A general ledger sorts and summarizes all information affecting income statement and balance sheet.
© Mark E. Damon - All Rights Reserved Directions: Scroll through the presentation and enter the answers (which are really the questions) and the questions.
ACCOUNTING II MS. ALLTUCKER CH. 14 SECTION 2: ANALYZING SALES TRANSACTIONS.
Chapter 6 The Journal and Source Documents. The Journal The Journal is the book where all transactions are first entered The Journal is arrange in date.
© The McGraw-Hill Companies, Inc., 2002 McGraw-Hill/Irwin THE ACCOUNTING CYCLE: Capturing Economic Events Chapter 3.
©The McGraw-Hill Companies, Inc. 2006McGraw-Hill/Irwin Chapter 4 Accounting for Branches Combined Financial Statements.
Returns of Stock Chapter 13. Two Types There are basically two types of returns: purchase returns and sales returns. A purchase return occurs when stock.
CHAPTER 5. EXPANDING THE LEDGER Capital – The amount the owner invests in the business. Revenues – related to the sale of goods or services (i.e. fees.
IEEE Region Winter Workshop Accounting 101 Double Entry Bookkeeping & GnuCash Al Reinhart Worcester County Section (
Posting Column Totals from a Journal to a general Ledger Accounting 1, Chapter 5 – Section 3.
Recording and Posting Transactions Extend Your Knowledge: 3.2.
Chapter 7 Accounting Information Systems Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.
McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 8 Purchasing/ Human Resources/ Payment Process: Recording.
A business makes payments for what it buys, In return it receives payments for goods it sells or services it provides.
Investing and Financing Decisions and the Balance Sheet Chapter 2 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.
The 10 Commandments What are they?. Our laws are based on the 10 Commandments Why do we need laws? – So that everyone does the same thing.
Posting Separate Amounts from a Journal to a General Ledger Accounting 1, Chapter 5 – Section 2.
Budget. A financial plan drawn up for an individual, a family, a business or a government. It is usually for a period of a month or a year. Done right.
Unit # 3 – Recording Transactions in T-Accounts. We will now learn that when dealing with balances in All Accounts, you will need to know: Debit means.
Learning Objectives 14.1 Describe the importance of accounting and financial information Differentiate between managerial and financial accounting.
1 RECORDING TRANSACTION TO GENERAL LEDGER To simplify of recording transaction in a company needs a basic procedure To Process of recording transaction.
Accounting II Allowance for Uncollectible Accounts.
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