journal entries recorded to update general ledger accounts at the end of a fiscal period
accounts used to accumulate information from on fiscal period to the next
accounts used to accumulate information until it is transferred to the owners capital account
Jornal entries used to prepare temporary accounts for a new fiscal period
a trial balance prepared after the closing entries are posted
post-closing trial balance
a series of accounting activities included in recording financial information for a fiscal period
which accounting concept applies when a work sheet is prepared at the end of each fiscal cycle to summarize the general ledge
which accounting concept applies when expenses are reported in the same fiscal period that they are used to produce revenue
matching expenses with revenue
information needed for Journalizing the adjusting entries is obtained from the
work sheets adjustment columns
after adjusting entries are posted, the supplies account balance will be equal to
the cost of supplies on hand at the end of the fiscal period
when revenue is greater than total expenses, resulting in a net income, the income summary account has a
information needed for recording the closing entries is obtained from the
work sheets income statement and balance sheet columns
the accounts listed on a post-closing trial balance are
General ledger accounts with balances after the closing entries are posted
journal entries recorded to update general ledger accounts at the end of a fiscal period are called
accounts used to accumulate information from one fiscal period to the next are called
the income summary account is unique because
it does not have a normal balance side
withdrawls are assets that thr owner takes out of a buisness and which
decrease the amount of owners equity
Neither expense or revenue account
the series of accounting activities included in recording information for a fiscal period is called
when total expenses are more than revenue resulting in a net loss, the income summary account
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Adjusting entries | journal entries recorded to update general ledger accounts at the end of a fiscal period. |
Permanent | Accounts used to accumulate information from one fiscal period to the next. |
Temporary | Accounts used to accumulate information until it is transferred to the owner’s capital account. |
Closing entries | Journal entries used to prepare temporary accounts for a new fiscal period. |
Post-closing trial balance | Trial balance prepared after the closing entries are posted. |
Accounting cycle | Series of accounting activities included in recording financial information for a fiscal period. |
Temporary accounts | Accounts that accumulate information until it is transferred to the owner’s capital account. |
Permanent records | Accounts that accumulate information from one fiscal period to the next. |
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