balance sheet
After every the closing entries room posted, the ______ accounts room the only general ledger accounts that have balances.

You are watching: A ledger that is summarized in a single general ledger account

Retained EarningsThe Income review account is closed right into the _________ account.
corporationAn organization with the legal rights of a person and also which countless person may own.
income statementAn ________ is used to report a business's jae won progress
Capital StockTotal share of property in a corporation.
cost that merchandiseThe price a business pays for goods it purchases to sell.
vendorA company from i m sorry merchandise is purchased or gives or various other assets space bought.
purchase top top accountA transaction in i beg your pardon the merchandise purchase is to be paid for later.
purchase invoiceAn invoice used as a source paper for recording a purchase on account transaction.
cash paymentsA distinct journal used to record just cash payment transactions.
cash discountA deduction that a seller allows on the invoice amount come encourage notice payment.
contra accountAn account the reduces a related account ~ above a jae won statement.
purchase journalA distinct journal supplied to record only purchases of was on account is referred to as a *.
sales journalA one-of-a-kind journal offered to record only sales of goods on account.
cash receipts journalA one-of-a-kind journal provided to record only cash receipt transactions.
subsidiary ledgerA ledger the is summary in a solitary general ledger account.
accounts payable ledgerA subsidiary ledger containing just accounts for merchants from who items room purchased or purchase on account.
accounts receivable ledgerA subsidiary ledger containing only accounts for fee customers.
controlling accountAn account in a general ledger the summarizes all accounts in a subsidiary ledger.
Posting_____ typically keeps each merchant account balance up to date.
Sales JournalThe journal that must be posted first is the _____.
checkmarkA ________ is placed in parentheses listed below the general Debit and also General Credit column totals in the newspaper to suggest that the two column totals room not posted.
salaryThe money paid for employee services.
payrollThe complete amount earned by every employees for a pay period.
withholding allowanceA deduction from total earnings for each human being legally supported by a taxpayer, consisting of the employee.
social security taxA federal taxes paid for old-age, survivors, and disability insurance.
Medicare taxA federal tax paid because that hospital insurance.
payroll registerA business type used to record payroll information.
net payThe complete earnings payment to an employee after payroll taxes and other deductions.
expensesEmployer service taxes room ___.
social security and also MedicarePayroll taxes that room paid by both the employer and the employee are _____.
federal unemployment taxesA commonwealth tax provided for state and federal governmental expenses of the unemployment regime is the ____.
merchandise inventoryThe amount of products on hand for sale to customers is dubbed ___.
Matching costs with RevenueRecording expenses in the accounting period in i beg your pardon the expenses contribute to earning revenue is an application of the audit concept ___.
liabilityA declared dividend is classified as an _____.
worksheetThe objective of a ______ is to plan adjustments and also summarize the information important to prepare gaue won statements.
plant assetsAssets that will certainly be used for a number of years in the procedure of a organization are called ______.
accumulated depreciation_______ is the depreciation price that has actually been recorded since the purchase of a plant asset.
net salesTotal sales less sales discount and also sales returns and also allowances.
statement of stockholder's equityA financial statement the shows transforms in a corporation's ownership for a fiscal period.
current liabilitiesLiabilities due within a brief time, typically within a year.
long-term liabilitiesLiabilities fan for an ext than a year.
share that stockEach unit of property in a corporation.
post-closing attempt balanceThe purpose of the ________ is to prove the general ledger equality that debits and also credits.

See more: 2.4 Ecotec Water Pump Replacement Cost Estimate, 2011 Equinox 2

temporary accounts____ are closed at the end of a fiscal period to prepare the general ledger for the following fiscal period.
Create your own activities