chapter 2 smartbook
chart of accounts
It is a list of all ledger accounts which exist in a business and includes an identification number assigned to each account
trial balance
It is a list of each account and its balance at any given time and is used to verify that debits = credits
Accounts Receivable-debit fees earned-credit
The company completed engineering services for $27,600 on credit.
prepaid insurance-debit cash-credit
The company paid $11,400 cash for the premium on an 18-month insurance policy.
office equip-debit acc payable-credit
The company purchased $2,550 of additional office equipment on credit.
land-debit cash-credit note payable-credit
The company purchased land worth $63,000 for an office by paying $25,900 cash and signing a long-term note payable for $37,100.
a
Which of the following is the best definition of a source document in the accounting process? a. A source document identifies and describes transactions and is the basis for entering an event into the accounting system. b. A source document is used to determine who hired an employee that is assigned the duty of entering transactions into the accounting process. c. A source document shows all the information about the legal rights a company has in relation to when it should pay a bill.
list
a trial balance is a
asset
notes receivable is ....
asset
prepaid insurance is a what account?
asset
prepaid loan is an asset or liability or equity? `
coin, money order, check, checking account
things considered cash....
posting
to transfer journal information to a ledger.