Accounting Jeopardy Chapter 11 Accounting Jeopardy Basic Terms Acct Rec APGL 100 200 300 400 500.
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Accounting Accounting Jeopardy Jeopardy Chapter 11 Chapter 11
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Transcript of Accounting Jeopardy Chapter 11 Accounting Jeopardy Basic Terms Acct Rec APGL 100 200 300 400 500.
Accounting Accounting JeopardyJeopardyChapter 11Chapter 11
Accounting JeopardyAccounting Jeopardy
Basic TermsBasic Terms Acct RecAcct Rec APAP GLGL
100 100 100 100
200 200 200 200
300 300 300 300
400 400 400 400
500 500 500 500
CreditsCredits
That’s all folks.That’s all folks.
Exit
Terms $100Terms $100
An account in a general An account in a general ledger that summarizes all ledger that summarizes all accounts in the subsidiary accounts in the subsidiary ledger.ledger.
Terms $100Terms $100
What is a controlling What is a controlling account?account?
Terms $200Terms $200
A listing of customer A listing of customer accounts, account balances, accounts, account balances, and total amount due all and total amount due all customerscustomers
Terms $200Terms $200
What is a Schedule of What is a Schedule of Accounts Receivable?Accounts Receivable?
Terms $300Terms $300
Journal entries are sorted Journal entries are sorted and summarized by and summarized by transferring information totransferring information to
Terms $300Terms $300
What is a ledger account?What is a ledger account?
Terms $400Terms $400
A check mark in parentheses A check mark in parentheses below the general debit below the general debit column of a journal indicates column of a journal indicates what?what?
Terms $400Terms $400
That the total is not postedThat the total is not posted
Terms $500Terms $500
An error in posting may An error in posting may cause this.cause this.
Terms $500Terms $500
Net Income to be overstated Net Income to be overstated or understatedor understated
Overpayment to a vendorOverpayment to a vendor Overdraft on checking Overdraft on checking
accountaccount
Accts Rec $100Accts Rec $100
When are the Sales Journal When are the Sales Journal totals posted?totals posted?
Accts Rec $100Accts Rec $100
What is at the end of each What is at the end of each month?month?
Accts Rec $200Accts Rec $200
The Schedule of Accounts The Schedule of Accounts Receivable should equal this.Receivable should equal this.
Accts Rec $200Accts Rec $200
The ending balance in the The ending balance in the controlling acount.controlling acount.
Accts Rec $300Accts Rec $300
How you open a customer How you open a customer account.account.
Accts Rec $300Accts Rec $300
Write the Name and Write the Name and customer number on the customer number on the heading of the ledger accountheading of the ledger account
Accts Rec $400Accts Rec $400
This is why the account form This is why the account form for a customer only has a for a customer only has a Debit Balance ColumnDebit Balance Column
Accts Rec $400Accts Rec $400
What is Because AR is an What is Because AR is an Asset account that has a Asset account that has a normal credit balancenormal credit balance
Accts Rec $500Accts Rec $500
The separate amounts in the The separate amounts in the AR debit column of a sales AR debit column of a sales journal arejournal are
Accts Rec $500Accts Rec $500
What is posted individually What is posted individually to the AR ledgerto the AR ledger
Accounts Payable $100Accounts Payable $100
What causes the previous What causes the previous balance to be added to the balance to be added to the new amount posted in the AP new amount posted in the AP ledger.ledger.
Accounts Payable $100Accounts Payable $100
What is credit is posted to the What is credit is posted to the AP Ledger from the AP Ledger from the Purchases Journal.Purchases Journal.
Accounts Payable $200Accounts Payable $200
Accounts PayableAccounts Payable
Accounts Payable $200Accounts Payable $200
Single general ledger Single general ledger account that summarizes the account that summarizes the total amount owed to all total amount owed to all vendors?vendors?
Accounts Payable $300Accounts Payable $300
A record of the total vendor A record of the total vendor account balances account balances
Accounts Payable $300Accounts Payable $300
What is Accounts Payable What is Accounts Payable Subsidiary Ledger?Subsidiary Ledger?
Accounts Payable $400Accounts Payable $400
How often do you post totals How often do you post totals from the cash payments from the cash payments journal.journal.
Accounts Payable $400Accounts Payable $400
What is at the end of each What is at the end of each month?month?
Accounts Payable $500Accounts Payable $500
The terms of purcase of 5/15, The terms of purcase of 5/15, n/30 mean this.n/30 mean this.
Accounts Payable $500Accounts Payable $500
What is a 5% discount within What is a 5% discount within 15 days or the entire amount 15 days or the entire amount is due within 30 daysis due within 30 days
General Ledger $100General Ledger $100
Summarizes all information Summarizes all information affecting income statement affecting income statement and balance sheet accountsand balance sheet accounts
General Ledger $100General Ledger $100
What is General Ledger?What is General Ledger?
General Ledger $200General Ledger $200
How often do you post How often do you post individual transactions to the individual transactions to the general ledger?general ledger?
General Ledger $200General Ledger $200
Depends on number of Depends on number of transactions, could be transactions, could be daily, weekly, monthly.daily, weekly, monthly.
General Ledger $300General Ledger $300
Amounts recorded in the Amounts recorded in the general amount columns general amount columns of a cash receipts journal of a cash receipts journal are posted where?are posted where?
General Ledger $300General Ledger $300
What is What is General LedgerGeneral Ledger
General Ledger $400General Ledger $400
How do you determine the How do you determine the number of ledgers your number of ledgers your company should have?company should have?
General Ledger $400General Ledger $400
What is number of customers What is number of customers and vendors you have. and vendors you have.
General Ledger $500General Ledger $500
The order journals should be The order journals should be posted.posted.
General Ledger $500General Ledger $500
WhatWhat SalesSales PurchasesPurchases GeneralGeneral Cash ReceiptsCash Receipts Cash PaymentsCash Payments
