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Alpha Teach Yourself Bookkeeping in 24 Hours by Carol Costa

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Hour 5

Working Within the Bookkeeping System

Chapter Summary

In this hour you will learn about…

  • Adding and deleting accounts
  • Debits and credits
  • Posting daily transactions
  • Cash and accrual accounts
  • Related accounts
  • Posting monthly adjustments

You now have a general idea of how to set up the basic accounts and files for a bookkeeping system. You have also become familiar with the different types of bank accounts that can be used to handle the money that flows in and out of a business or an individual’s household.

 

The Chart of Accounts for general business activities has been presented with explanations of these accounts and how and why they function within a bookkeeping system. Remember that once the Chart of Accounts has been created it becomes the General ...

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