Presentation on theme: "Instructions for using this template. Remember this is Jeopardy, so where I have written “Answer” this is the prompt the students will see, and where."— Presentation transcript:
Instructions for using this template. Remember this is Jeopardy, so where I have written “Answer” this is the prompt the students will see, and where I have “Question” should be the student’s response. To enter your questions and answers, click once on the text on the slide, then highlight and just type over what’s there to replace it. If you hit Delete or Backspace, it sometimes makes the text box disappear. When clicking on the slide to move to the next appropriate slide, be sure you see the hand, not the arrow. (If you put your cursor over a text box, it will be an arrow and WILL NOT take you to the right location.)
Choose a category. You will be given the answer. You must give the correct question. Click to begin.
Cash Sales Slip POS Summaries Sales Invoices Cheque Copy Cash Receipts Daily Summary Bank Debit Advice Bank Credit Advice
Name 1 reason we use the P.R. column to cross- reference transactions.
1.Entries in the accounts can easily be traced back to their source in the GJ 2.Entries in the journal can be followed through to the accounts where they have been posted. 3.If the posting process is interrupted, it is easy to tell where to begin again.
When errors are found immediately, how are they corrected?
Neatly cross out the incorrect figures or letters and write in the correct ones immediately above
When you need to start a new page in a ledger account, how is the balance transferred to the new page?
Take the balance from the previous page and put it in the first line on the new page, write “forwarded” in the particulars column.
An accounting clerk noticed that an invoice for $500 had been debited to the wrong account. The invoice was clearly for supplies but had been debited to the Equipment account. This error was noticed 6 months later. What is the correcting journal entry?
1.Turn to the proper ledger account 2.Record the date on the next unused line 3.Record the page number of the journal in the PR column of the account 4.Record the amount in either the Debit or Credit column 5.Calculate and enter the new account balance column. Indicate whether the balance is a debit or credit balance in the DR/CR column 6.Record the account number to which the posting was made. Enter in PR column in the General Journal
When an asset account is debited, what happens to the account balance?
What four things is the seller of goods and services required to do regarding sales tax?
1.Calculate the tax and add it on to the normal price of the goods 2.Collect the tax from the customer 3.Accumulate the sales tax charged to the customer in a special liability account, called PST Payable 4.Remit the accumulated sales tax to the provincial government periodically
Which accounts are indented in the general journal?
How is the date recorded in the general journal? Year, Month, and Day
YEAR – Enter the year in small figures on the first line of each page. Do not repeat it for each entry. Enter a new year at the point on the page where it occurs. MONTH – Enter the month on the first line of each page. Do not repeat it for each entry. Enter a new month at the point where it occurs. DAY – Enter the day on the first line of each journal entry. The day is repeated no matter how many transactions occur on any given day.
List the four steps in recording a general journal entry (in order)
Step 1: Enter the day in the date column Step 2: Enter the names of the account(s) to be debited at the left side of the Particulars column. Enter the debit amounts in the Debit money column. Step 3: Enter the names of the account(s) to be credited. They are indented about 1.5 cm in the Particulars column. Enter the credit amounts in the Credit money column. Step 4: Write a brief explanation for the entry beginning at the left side of the Particulars column on the line beneath the last credit item.