Mine

Chapter 4 Review

1) 
	Posting:  the transfer of information from a journal to the general ledger and any subsidiary ledgers

	Opening Entry:  the journal entry to record the assets, liabilities, and owner’s equity when a business first begins operations.

	Chart of Accounts:  a list of all account names and numbers in the general ledger

	Trial Balance:  A list of ledger account balances; total debits must equal total credits; proves mathematical accuracy of ledger

	Journal:   a chronological ( in order of date ) record of all of a company’s transactions; see also general journal, columnar journal, sales journal, purchases journal, cash payments journal, and cash receipts journal.

	Journalizing:   Recording transactions in a journal

	Double Entry Principal:   a system of financial record keeping in which debit entries must equal credit entries for each transaction

	Compound Entry:   an entry that has more than one debit or more than one credit

	Accounting Cycle:   the set of accounting procedures performed in each accounting period

	Source Document:   the original document showing that a transaction has occurred

2)
	a) 
		1. Re-Add the Columns
		2. Determine the difference
		3. Is the difference divisible by 9? (transposition error), evenly> (look for 		that number or divide by two and look for that number)
		4. Check each number for a reversal
	b) Placing the numerical value in the wrong column
	c) Addition and Subtraction Errors
	d) Transposition Errors





4)
	a) T. Koschate
	b) Harmsworth Decorating Centre
	c) Charged to Account
	d)