Term
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Definition
| On a worksheet, the Income Statement credit total is $1,200 and the Income Statement debit total is $800. The company has a: |
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Term
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Definition
| The ABC Manufacturing Company's Income Statement worksheet shows total debits of $600 and total credits of $750. ABC Manufacturing Company has a: |
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Term
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Definition
| On a worksheet, the Income Statement credit total is $2,150 and the Income Statement debit total is $2,400. The company has a: |
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Term
| Calculate the component percentages. |
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Definition
| Samuel was asked to prepare a financial statement to determine whether or not the costs of doing business exceeded the revenue during the past year. What is the LAST Samuel will do in preparing this statement? |
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Term
| Write the name of the company. |
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Definition
| When he applied for a bank loan, Robert was asked by the bank to develop a financial statement that would show the financial health of his business as of March 31. What is the FIRST step Robert will do to prepare this statement? |
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Term
| Double rule across both amount columns. |
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Definition
| When preparing an Income Statement, after all account total debits and credits are entered correctly, verified and totaled, what is the next step? |
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Term
| Prepare the Liability section. |
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Definition
| Mary is preparing a Balance Sheet. What must she do after she completes the Assets section? |
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Term
| The Total Assets should equal Total Liabilities plus Owner's Equity |
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Definition
| Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result be? |
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Term
| Supplies Expense and credit Supplies $1,500 |
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Definition
| If the beginning supplies balance is $2,200, and the ending supplies balance is $700, the correct adjustment on the work sheet is to debit: |
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Term
| Supplies Expense and credit Supplies $1,500 |
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Definition
| If the beginning supplies balance is $1,800, and the ending supplies balance is $300, the correct adjustment on the work sheet is to debit: |
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Term
| Insurance Expense and credit Prepaid Insurance $1,200 |
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Definition
| If the beginning prepaid insurance balance is $2,000, and the ending value of the insurance is $800, the correct adjustment on the work sheet is to debit: |
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Term
| Insurance Expense and credit Prepaid Insurance $2,200. |
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Definition
| If the beginning prepaid insurance balance is $3,400, and the ending value of the insurance is $1,200, the correct adjustment on the work sheet is to debit: |
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Term
| Write the title of the account debited in the Account Title column |
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Definition
| 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? |
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Term
| Record the debit amount in the General Debit column |
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Definition
| In preparing adjustment entries for his company, Steve has written "Insurance Expense" in the Account Title column. What will he do NEXT? |
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Term
| Journalize an entry to close income statement accounts that have a debit balance |
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Definition
| 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? |
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Term
| Journalize an entry to close the owner's drawing account |
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Definition
| Mary is preparing the closing entries for her company. After she has closed the Income Summary account, what will she do NEXT? ( |
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Term
| Write the account titles of all general ledger accounts that have balances in the Account Title column |
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Definition
| 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? |
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Term
| Rule a single line below the last amount in each column |
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Definition
| Adam is preparing the Post-Closing Trial Balance. He has recorded all the account balances in the correct column. What will he do NEXT? |
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Term
| Income Summary, and credit Owner's Equity, $900 |
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Definition
| James is closing the income summary account. His company had a net income of $900. The correct journal entry is to debit: |
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Term
| Income Summary and credit Advertising Expense |
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Definition
| When closing the Advertising Expense account, debit: |
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Term
| Debit Supplies and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH FOR COMPUTER PAPER? |
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Term
| Debit Supplies and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH FOR COMPUTER PAPER? |
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Term
| Debit Supplies and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH FOR PRINTER CARTRIDGES? |
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Term
| Debit Miscellaneous Expense and credit Cash |
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Definition
| What is the correct journal entry for the transaction PAID CASH FOR MISCELLANEOUS EXPENSE, $400? |
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Term
| Debit Miscellaneous Expense and credit Cash |
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Definition
| What is the correct journal entry for the transaction PAID CASH FOR A DELIVERY (MISCELLANEOUS EXPENSE), $25? |
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Term
| Debit Advertising Expense and credit Cash |
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Definition
| What is the correct entry for the transaction, PAID $150 FOR ADVERTISING? |
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Term
| Debit Advertising Expense and credit Cash |
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Definition
| What is the correct entry for the transaction, PAID CASH FOR NEWSPAPER ADVERTISEMENT, $200? |
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Term
| Debit Office Equipment and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH FOR AN OFFICE DESK, $250? |
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Term
| Debit Cash and credit Sales |
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Definition
| What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $250? |
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Term
| Debit Cash and credit Sales |
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Definition
| What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $150? |
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Term
| Debit Prepaid Insurance and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $200? |
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Term
| Debit Utilities Expense and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID THE GAS BILL, $125? |
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Term
| Debit Utilities Expense and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID THE TELEPHONE BILL, $125? |
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Term
| Debit Accounts Payable/Jones Supply and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO VENDOR JONES SUPPLY, $1000? |
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Term
| Debit Accounts Payable/Avis Supply Company and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY, $500? |
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Term
| Debit John Smith, Drawing and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH TO JOHN SMITH, OWNER FOR PERSONAL USE, $500? ( |
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Term
| Debit Mark Johnson, Drawing and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH TO MARK JOHNSON, OWNER FOR PERSONAL USE, $900? |
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Term
| Debit Rent Expense and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH FOR RENT, $700? |
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Term
| Debit Rent Expense and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH FOR RENT, $1000? |
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Term
| Debit Supplies and credit Accounts Payable/Steinman Company |
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Definition
| What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM STEINMAN COMPANY, $75? |
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Term
| Debit Supplies and credit Accounts Payable/Jones Supply Company |
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Definition
| What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM JONES SUPPLY COMPANY, $250? |
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