ACCOUNTING CHAPTER 8

Journal entries recorded to update general ledger accounts at the end of a fiscal period.

• adjusting entries

• closing entries

• permanent accounts

• temporary accounts

Accounts used to accumulate information from one fiscal period to the next.

• temporary accounts

• permanent accounts

• closing entries

• adjusting entries

Accounts used to accumulate information until it is transferred to the owner's capital account.

• temporary accounts

• permanent accounts

• adjusting entries

• closing entries

Journal entries used to prepare temporary accounts for a new fiscal period.

• temporary accounts

• permanent accounts

• adjusting entries

• closing entries

A trial balance prepared after the closing entries are posted.

• closing entries

• temporary accounts

• post closing trial balance

• trial balance

The series of accounting activities included in recording financial information for a fiscal period.

• post closing trial balance

• adjusting entries

• closing entries

• accounting cycle

Step 1 in the Accounting Cycle

• trial balance

• source documents

• closing entries

• journal

Step 2 in the Accounting Cycle

• source documents

• closing entries

• journal

• ledger

Step 3 in the Accounting Cycle

• journal

• source documents

• ledger

• adjusted trial balance

A collective term for the accounts of a business. They are also often referred to as T-Accounts.

• journal

• ledger

• debits

• credits