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Accounting Chapter2

Analyzing and Recording Transactions

QuestionAnswer
What are source documents? Sources of information for accounting entries that can be either paper or electronic form; also called "business papers"
What are some examples of source documents? checks, bills from suppliers, sales tickets, purchase orders, employee earning records
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.
What happens to information in an account? Iformation in an account is analyzed, summarized, and presented in reports and financial statements.
ledger(general ledger) A record containing all accounts used by a company.
Arrangement of Accounts Assets Accounts, Liability Accounts, and Equity Accounts
Reflects(shows) a company's cash balance. Cash Account
Accounts held by a seller and refer to promises of payment from customers to sellers. Accounts Receivable
Customer payments are increased and decreased by which asset account? Accounts Receivable
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)
Assets that are represented prepayments of future expenses(not current expenses. Prepaid Accounts
Created by: Nerdy_Me_90