Financial information is recorded and reported separately from the owner's personal financial information

An amount of cash kept on hand for making small payments

What accounts are affected and how when journalizing the Adjusting Entry for Supplies

Bought merchandise for cash with a trade discount

What kind of account is Cash

Financial statements are prepared with the expectation that a business will remain in operation indefinitely

A columnar accounting form used to summarize the general ledger information needed to prepare financial statement

What accounts are affected and how when supplies are bought on account

Bought supplies on account

What kind of account is Sales

A source document is prepared for each transaction

The difference between total revenue and total expenses when total expenses is greater

What accounts are affected and how when cash and credit sales are recorded plus sales tax

Recorded cash and credit card sales plus sales tax

What kind of account is Miscellaneous Expense

Business transactions are stated in numbers, that have common values--dollars, pesos, etc

The length of time for which a business summarizes and reports financial information

What accounts are affected and how when merchandise is bought on account

Bought merchandise on account

What kind of account is Prepaid Insurance

The same accounting procedures are followed in the same way in each accounting period

Journal entries used to prepare temporary accounts for a new fiscal period

What accounts are affected and how when petty cash is replenished and there are receipts for supplies, miscellaneous expense, Cash over

Sold merchandise on account plus sales tax

What kind of account is Accounts Payable