Analyzing and Recording Transactions
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What are source documents? | Sources of information for accounting entries that can be either paper or electronic form; also called "business papers"
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| What are some examples of source documents? | checks, bills from suppliers, sales tickets, purchase orders, employee earning records
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| What is an account? | A record within an accounting system in which increases and decreases are entered and stored in a specific asset, liability, equity, revenue, or expense.
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| What happens to information in an account? | Iformation in an account is analyzed, summarized, and presented in reports and financial statements.
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| ledger(general ledger) | A record containing all accounts used by a company.
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| Arrangement of Accounts | Assets Accounts, Liability Accounts, and Equity Accounts
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| Reflects(shows) a company's cash balance. | Cash Account
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| Accounts held by a seller and refer to promises of payment from customers to sellers. | Accounts Receivable
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| Customer payments are increased and decreased by which asset account? | Accounts Receivable
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| A written promise of another entity to pay a definite sum of money on a specified future date to the holder of the note. | Note Receivable(Promissory Note)
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| Assets that are represented prepayments of future expenses(not current expenses. | Prepaid Accounts
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