Credits - ️️An entry made on the right side of the account
Operating Expenses - ️️resident care, plant operations, dietary, housekeeping, laundry, general &
admin, depreciation, interest, total operating expenses
Double Entry Accounting - ️️Recording of a debit and credit for each tr...
NJ CALA FInance
Credits - ✔️✔️An entry made on the right side of the account
Operating Expenses - ✔️✔️resident care, plant operations, dietary, housekeeping, laundry, general &
admin, depreciation, interest, total operating expenses
Double Entry Accounting - ✔️✔️Recording of a debit and credit for each transaction
**Debits must always equal credits**
Debits - ✔️✔️An entry made on the left side of the account
Journals - ✔️✔️The organization's "books" where transactions are first recorded before posting to the
general ledger.
5 types of journals:
-Cash receipt journal
-Cash disbursement journal
-Account receivable journal
-Account payable journal
-General journal (recording transactions that don't fit in to the above 4 categories)
Posting - ✔️✔️The actual transcription of information from the journal into the general ledger.
Cash Basis Accounting - ✔️✔️Keeping records that shows only income actually received during a fiscal
period and only expenses paid during a fiscal year.
*Record income when cash or check is received
*Record expense when check is written
General Ledger - ✔️✔️Recording summary of all transactions posted from each journal. The general
ledger maintains a separate record for each acct as listed in the chart of accounts.
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