Accounting Cycle One Review

Front

A business paper from which information is obtained for a journal entry.

Back

source document

Front

Which GAAP principle says you should follow the same accounting procedures in the same way in each accounting period?

Back

Consistent Reporting

Front

Keeping business records and personal records separate is an application of what GAAP principle?

Back

Business Entity

Front

The journal entry for receiving cash from owner as an investment includes a

Back

debit to cash and credit to capital

Front

The journal entry for selling services on accounts includes:

Back

debit to accounts receivable and credit to sales

Front

The journal entry for recording a service charge from the bank includes:

Back

debit to miscellaneous expense and credit to cash

Front

What is the journal entry for a bounced check from Betty Bouncer, $100, plus a $25.00 fee from our bank?

Back

debit to accounts receivable and credit to cash for $125

Front

What is the journal entry for replenishing petty cash?

Back

debit to all items bought and credit to cash

Front

The posting reference should always be recorded in the journal's Post. Ref. column before amounts are recorded in the ledger.

Back

False

Front

Transferring information from a journal entry to a ledger account.

Back

posting