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Basic Book keeping

Book Keeping level 1

QuestionAnswer
Accounts Payable Ledger Lists all vendors to whom your company has charged purchases. All vendors have a separate page.
Accounts Receivable Ledger Lists all customers your company sells to on account.All customers have a separate page.
Accrued Expenses Something owed by your company but not yet been invoiced for.
Amortization The systematic writing off of the cost of capital assests.
Capital 3000-3999 amounts invested by the owner and profits retained by the company
Assets 1000-1999 what a company owns
Cash Disbursements journal use to record all cash paid by the company
Cash Receipts journal Used to record all cash received by the company
Cost of goods 5000-5999 the cost of goods sold
Credit Balances the right side - liability, capital, and revenue accounts
Debit Balances the left side - Assests and expense accounts
Expense money that is paid out for various costs of living
Fundamental Bookkeeping equation Assets-Liabilities= Net worth
General Journal Used to record all items that are not entered in other journals
General Ledgers one page for each account. entried from the journals are posted on the day they are entered
Gross Margin the difference between the total sales for the period and the cost of the goods that were sold.
Liabilities 2000-2999 amounts owed by the company
Net Worth Is calculated by adding everything of value a person owns and deducting all the money that is owed.
Payroll clearing account the net amount of payroll is credited for each cheque and when cheques are issuued, the sccount is then debited for the total of the payroll leaving a zero balance
Payroll Journal used to record the payroll for the employees of the business
Payroll ledger used to record the individual information for each employee
Personal income statement a listing of an individuals revenues and expenses over a specific period of time.
Purchases Journal used to enter vendor invoices for all purchases of inventory, supplies, and other assests of the company.
Revenue 4000-4999 all sales made by the company
Sales Journal used to enter company invoices for all sales on account
Created by: AshleyCC
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