Term
| Sam is preparing an Income Statement from the Work Sheet in Group Material 2.02 C. What is the component percentage for Net Income? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
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Term
| Sam is preparing a Balance Sheet from the Work Sheet in Group Material 2.02 C. What are the Total Assets for the Balance Sheet? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
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Term
| Sam is preparing a Balance Sheet from the Work Sheet in Group Material 2.02 C. What are the Total Liabilities for the Balance Sheet? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
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Term
| On the last day of April, Jack prepared the adjusting entries for his company. He has written "Adjusting Entries" in the Account Title column and recorded April 30 in the date column. What will Jack do NEXT? (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Write the title of the account debited in the Account Title column |
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Term
| In preparing adjustment entries for his company, Steve has written "Insurance Expense" in the Account Title column. What will he do NEXT? (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
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Record the debit amount in the General Debit column
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Term
| Michael is preparing the closing entries for his company. He has closed all the income statement accounts that have a credit balance. What is the NEXT step that he will perform? (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
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Journalize an entry to close income statement accounts that have a debit balance
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Term
| Mary is preparing the closing entries for her company. After she has closed the Income Summary account, what will she do NEXT? (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Journalize an entry to close the owner's drawing account |
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Term
| Steve is preparing the Post-Closing Trial Balance. After he has written "Post Closing Trial Balance" in the heading section, what will he do NEXT? (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Write the account titles of all general ledger accounts that have balances in the Account Title column |
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Term
| Adam is preparing the Post-Closing Trial Balance. He has recorded all the account balances in the correct column. What will he do NEXT? (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Rule a single line below the last amount in each column |
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Term
| James is closing the income summary account. His company had a net income of $900. The correct journal entry is to debit: (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Income Summary, and credit Owner's Equity, $900. |
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Term
| Mary is closing the income summary account. Her company had a net loss of $2,000. The correct journal entry is to debit: (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Owner's equity, and credit Income Summary, $2,000. |
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Term
| The owner's drawing account has a balance of $275. The correct entry to close the drawing account would be to debit: (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
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Owner's equity account, credit drawing account for $275.
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Term
| When closing the Advertising Expense account, debit: (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Income Summary and credit Advertising Expense |
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Term
| What is the correct journal entry for the transaction, PAID CASH FOR COMPUTER PAPER? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Supplies and credit Cash |
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Term
| What is the correct journal entry for the transaction, PAID CASH FOR PRINTER CARTRIDGES? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Supplies and credit Cash |
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Term
| What is the correct journal entry for the transaction PAID CASH FOR MISCELLANEOUS EXPENSE, $400? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Miscellaneous Expense and credit Cash |
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Term
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What is the correct journal entry for the transaction PAID CASH FOR A DELIVERY (MISCELLANEOUS EXPENSE), $25? (NCCTE.9_12.BE.6311.CA02.01)
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Definition
| Debit Miscellaneous Expense and credit Cash |
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Term
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What is the correct entry for the transaction, PAID $150 FOR ADVERTISING? (NCCTE.9_12.BE.6311.CA02.01)
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Definition
| Debit Advertising Expense and credit Cash |
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Term
| What is the correct entry for the transaction, PAID CASH FOR NEWSPAPER ADVERTISEMENT, $200? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Advertising Expense and credit Cash |
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Term
| What is the correct journal entry for the transaction, PAID CASH FOR AN OFFICE DESK, $250? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Office Equipment and credit Cash |
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Term
| What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $250? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Cash and credit Sales |
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Term
| What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $150? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Cash and credit Sales |
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Term
| What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $200? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Prepaid Insurance and credit Cash |
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Term
| What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $400? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Prepaid Insurance and credit Cash |
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Term
| What is the correct journal entry for the transaction, PAID CASH FOR REPAIRS, $95? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Repair Expense and credit Cash |
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Term
| What is the correct journal entry for the transaction, PAID CASH TO REPAIR OFFICE EQUIPMENT, $250? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Repair Expense and credit Cash |
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Term
| What is the correct journal entry for the transaction, RECEIVED CASH FROM OWNER DANA JACKSON AS INVESTMENT, $5000? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Cash and credit Dana Jackson, Capital |
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Term
| What is the correct entry for the transaction, HANS SCHMIDT INVESTED $2000 OF HIS OWN MONEY INTO THE BUSINESS? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Cash and credit HANS SCHMIDT, Capital |
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Term
| What is the correct journal entry for the transaction, PAID THE GAS BILL, $125? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
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Debit Utilities Expense and credit Cash
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Term
| What is the correct journal entry for the transaction, PAID THE TELEPHONE BILL, $125? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
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Debit Utilities Expense and credit Cash
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Term
| What is the correct journal entry for the transaction, RECEIVED BIKE RENTAL FEES, $375? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Cash and credit Rental Fees |
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Term
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What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $2500? (NCCTE.9_12.BE.6311.CA02.01)
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Definition
| Debit Cash and credit Sales |
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Term
| What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO VENDOR JONES SUPPLY, $1000? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Accounts Payable/Jones Supply and credit Cash |
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Term
| What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY, $500? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Accounts Payable/Avis Supply Company and credit Cash |
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Term
| What is the correct journal entry for the transaction, PAID CASH TO JOHN SMITH, OWNER FOR PERSONAL USE, $500? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit John Smith, Drawing and credit Cash |
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Term
| What is the correct journal entry for the transaction, PAID CASH TO MARK JOHNSON, OWNER FOR PERSONAL USE, $900? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Mark Johnson, Drawing and credit Cash |
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Term
| What is the correct journal entry for the transaction, PAID CASH FOR RENT, $700? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Rent Expense and credit Cash |
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Term
| What is the correct journal entry for the transaction, PAID CASH FOR RENT, $1000? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Rent Expense and credit Cash |
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Term
| What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM STEINMAN COMPANY, $75? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Supplies and credit Accounts Payable/Steinman Company |
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Term
| What is the correct journal entry for the transaction, RECEIVED CASH ON ACCOUNT FROM BURKE SUPPLY FOR, $800? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Cash and credit Accounts Receivable/Burke Supply |
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