PB 5

think there are two parts to every entry what did the Co. receive what did it give up

for each part of the entry - think will this go on the income statement balance sheet

for each part of the entry - think is this a(n) revenue (sales) expense asset liability contribution from the owner

Accounting cycle general journal - recording general ledger - posting adjusting journal entries trial balance financial statements

general journal - recording the general journal is a diary it is in chronological order in the order transactions or events occur

general ledger - posting the general ledger is an account your checkbook is an account it shows increases in the account balance decreases in the account balance the balance in the account

trial balance a list of all the accounts and the balance in each account