The difference in the Sales Journal between the perpetual and periodic systems is the
column to record ___________________ and ________________ for each sale.
Explain the difference between a ledger and a chart of accounts.
Discuss how the following transactions affect accounts and financial statements.
(1) Jillian Robb invested $30,000 cash in Profile Design Co.
(2) Profile Design Co. purchased supplies for $5,000 on its credit card.
(3) Profile Design Co. purchased equipment for $19,000 and signed a note payable.
The _____________________ of the balance sheet lists the asset accounts on the left
side and liabilities and equity on the right side. The ______________________ of the
balance sheet lists items vertically with assets followed by liabilities then equity.
Explain the steps in processing transactions in an accounting system.
Explain how accounts are used in recording information about transactions.
Guy Company’s records revealed the following data for September:
* This error relates to a deposit from a customer on account made on September 14.
The correct amount of the deposit was $1,322. However, the bookkeeper had recorded
it as $1,100.
Reversing entries are linked to ____________________ and _____________ that were
created by adjusting entries at the end of a reporting period.