FINAREP

process of keeping a record of all business transactions in chronological order

• Journalizing

• Posting

• Adjusting

• Summarizing

used to record the credit purchase of the company

• Purchase Journals

• Sales Journals

• General Journal

• Cash Receipt Journal

record the credit sale of merchandise only

• Purchase Journal

• Sales Journal

• Cash Payment Journal

• Cash Receipt Journal

used to record the cash inflows of the company

• Cash Payment Journal

• Sales Journal

• Cash Receipt Journal

• General Journal

record all the disbursement transaction of the business

• Cash Payment Journal

• Cash Receipt Journal

• General Journal

• Sales Journal

record transactions that cannot be directly recorded in the previous journal.

• Sales Journal

• Purchase Journal

• General Journal

• Cash Receipt Journal

Process of transferring journal entries to a ledger

• Journalizing

• Posting

• Adjusting

• Summarizing

- lists the accounts and the account numbers that identify their location in the ledger

• Posting

• Closing Entry

• Chart of Accounts

• Trial Balance

- list of accounts and their balances at a given time

• Trial Balance

• Income Statement

• Financial Statement

• Adjusting Entries

Which side is the debit in trial balance?

• Right

• Left

• Down

• Up