Chapter 16 Review Jeopardy Template

WORKSHEET	QUESTIONS	TERMS	ADJUSTMENTS	CHALLENGE
100 What is... 1. Proving the ledger in the trial balance 2. Adjustments 3. Sort amounts into proper financial statements 4. Calculate net income or net loss PRIZE QUESTION! List the 4 objectives of the eight-column work sheet	100 What is buildings, land, vehicles, furniture, office equipment, machinery etc. What are two examples of fixed assets?	100 What is an itemized list showing the value of goods on hand. Define inventory	100 What is Debit Supplies Expense and Credit Supplies What 2 accounts are used to adjust the supplies account? How are they adjusted?	100 What is $620.00 What was the supplies account listed at in the Trial Balance if the following adjustments were made to get the Supplies account to $500.00 at the end of the period. Debit Supplies Expense $120.00 and Credit Supplies $120.00
200 What is false! All accounts are listed regardless of whether there is a balance or not. True or False If an account has a balance of zero it is not listed in the trial balance of the work sheet.	200 What is a business does not know which specific accounts will become uncollectible in the future Why does a business estimate the amount of bad debts expense at the end of a fiscal period?	200 What is merchandise inventory An itemized list showing the value of goods on hand for sale to customers	200 What is Debit Insurance Expense and Credit Prepaid Insurance What 2 accounts are used to adjust the prepaid insurance account? How are they adjusted?	200 What is Debit Bad Debts Expense $50.00 and Credit Allowance for Uncollectible Accounts $50.00 Bad debts expense is listed at 0 in the trial balance but should be $50.00 at the end of the period. List the adjustments needed to get the bad debts expense account up to date.
300 What is a debit balance of $200.00 DAILY DOUBLE! If the supplies account is listed at a debit balance of $400.00 in the trial balance and there is an adjustment crediting the account $200.00 what will supplies be listed at in the balance sheet?	300 What is to reduce the possibility of overlooking an account needing to be brought up to date Why are all general ledger accounts listed in the Trial Balance columns of a work sheet whether they have balances or not?	300 What is fixed assets Assets which will be used for a number of years in the operation of a business	300 What is Debit Bad Debt Expense and Credit Allowance for Uncollectible Accounts What 2 accounts are used to adjust the bad debts expense account? How are they adjusted?	300 What is Debit Merchandise Inventory $5 000.00 and Credit Income Summary $5 000.00 Merchandise inventory is listed at $80 000.00 in the trial balance and should be $85 000.00 according to end-of-period information. What adjustments need to be made to get merchandise inventory up to date?
400 What is... 1. What is the balance of the account? 2. What should the balance be for this account? 3. What must be done to correct the account balance? 4. What adjusting entry is made? What are the 4 questions/steps you are supposed to ask/follow when analyzing an adjustment?	400 What is the song Everybody (Backstreet's Back) by the Backstreet Boys PRIZE QUESTION Name the song and artist that go along with these lyrics: "Am I original? Yeah..Am I the only one?..Yeah.....Backstreet's back, alright!"	400 What is equipment Fixed assets such as trucks, computers, and display cases are called?	400 What is Debit Income Summary and Credit Merchandise Inventory What 2 accounts are used to adjust the merchandise inventory account? How are they adjusted?	400 What is Debit Insurance Expense $99.00 and Credit Prepaid Insurance $99.00 Prepaid insurance is recorded at $500.00 in the trial balance and should be $401.00 at the end of the period. What adjustments need to be made?
500 What is false. The income statement does not include Accumulated Depreciation. True or False The Income Statement includes Income Summary, Sales, Accumulated Depreciation, and Expenses	500 What is... A. Estimated amount must be included in the income statement as an expense for the fiscal period in which the sales on account are made. B. Recording the estimated amount prevents the overstatement of the accounts receivable value on the balance sheet. Why does a business need to record an estimate of bad debts expense at the end of a fiscal period? (2)	500 What is the portion of fixed asset's cost transferred to an expense account in each fiscal period during a fixed asset's useful life Define Depreciation	500 What is Debit Depreciation Expense-Equipment and Credit Accumulated Depreciation-Equipment What 2 accounts are used for a depreciation adjustment? How are they adjusted?	500 What is Debit Depreciation Expense - Equipment $500.00 and Credit Accumulated Depreciation - Equipment $500.00 PRIZE QUESTION! After adjustments, Depreciation expense - equipment is recorded at $500.00. If the balance of depreciation expense - equipment was 0 in the trial balance what exact adjustments were made to get to $500.00?

WORKSHEET

QUESTIONS

TERMS

ADJUSTMENTS

CHALLENGE

100

What is... 1. Proving the ledger in the trial balance 2. Adjustments 3. Sort amounts into proper financial statements 4. Calculate net income or net loss

PRIZE QUESTION! List the 4 objectives of the eight-column work sheet

100

What is buildings, land, vehicles, furniture, office equipment, machinery etc.

What are two examples of fixed assets?

100

What is an itemized list showing the value of goods on hand.

Define inventory

100

What is Debit Supplies Expense and Credit Supplies

What 2 accounts are used to adjust the supplies account? How are they adjusted?

100

What is $620.00

What was the supplies account listed at in the Trial Balance if the following adjustments were made to get the Supplies account to $500.00 at the end of the period. Debit Supplies Expense $120.00 and Credit Supplies $120.00

200

What is false! All accounts are listed regardless of whether there is a balance or not.

True or False If an account has a balance of zero it is not listed in the trial balance of the work sheet.

200

What is a business does not know which specific accounts will become uncollectible in the future

Why does a business estimate the amount of bad debts expense at the end of a fiscal period?

200

What is merchandise inventory

An itemized list showing the value of goods on hand for sale to customers

200

What is Debit Insurance Expense and Credit Prepaid Insurance

What 2 accounts are used to adjust the prepaid insurance account? How are they adjusted?

200

What is Debit Bad Debts Expense $50.00 and Credit Allowance for Uncollectible Accounts $50.00

Bad debts expense is listed at 0 in the trial balance but should be $50.00 at the end of the period. List the adjustments needed to get the bad debts expense account up to date.

300

What is a debit balance of $200.00

DAILY DOUBLE! If the supplies account is listed at a debit balance of $400.00 in the trial balance and there is an adjustment crediting the account $200.00 what will supplies be listed at in the balance sheet?

300

What is to reduce the possibility of overlooking an account needing to be brought up to date

Why are all general ledger accounts listed in the Trial Balance columns of a work sheet whether they have balances or not?

300

What is fixed assets

Assets which will be used for a number of years in the operation of a business

300

What is Debit Bad Debt Expense and Credit Allowance for Uncollectible Accounts

What 2 accounts are used to adjust the bad debts expense account? How are they adjusted?

300

What is Debit Merchandise Inventory $5 000.00 and Credit Income Summary $5 000.00

Merchandise inventory is listed at $80 000.00 in the trial balance and should be $85 000.00 according to end-of-period information. What adjustments need to be made to get merchandise inventory up to date?

400

What is... 1. What is the balance of the account? 2. What should the balance be for this account? 3. What must be done to correct the account balance? 4. What adjusting entry is made?

What are the 4 questions/steps you are supposed to ask/follow when analyzing an adjustment?

400

What is the song Everybody (Backstreet's Back) by the Backstreet Boys

PRIZE QUESTION Name the song and artist that go along with these lyrics: "Am I original? Yeah..Am I the only one?..Yeah.....Backstreet's back, alright!"

400

What is equipment

Fixed assets such as trucks, computers, and display cases are called?

400

What is Debit Income Summary and Credit Merchandise Inventory

What 2 accounts are used to adjust the merchandise inventory account? How are they adjusted?

400

What is Debit Insurance Expense $99.00 and Credit Prepaid Insurance $99.00

Prepaid insurance is recorded at $500.00 in the trial balance and should be $401.00 at the end of the period. What adjustments need to be made?

500

What is false. The income statement does not include Accumulated Depreciation.

True or False The Income Statement includes Income Summary, Sales, Accumulated Depreciation, and Expenses

500

What is... A. Estimated amount must be included in the income statement as an expense for the fiscal period in which the sales on account are made. B. Recording the estimated amount prevents the overstatement of the accounts receivable value on the balance sheet.

Why does a business need to record an estimate of bad debts expense at the end of a fiscal period? (2)

500

What is the portion of fixed asset's cost transferred to an expense account in each fiscal period during a fixed asset's useful life

Define Depreciation

500

What is Debit Depreciation Expense-Equipment and Credit Accumulated Depreciation-Equipment

What 2 accounts are used for a depreciation adjustment? How are they adjusted?

500

What is Debit Depreciation Expense - Equipment $500.00 and Credit Accumulated Depreciation - Equipment $500.00

PRIZE QUESTION! After adjustments, Depreciation expense - equipment is recorded at $500.00. If the balance of depreciation expense - equipment was 0 in the trial balance what exact adjustments were made to get to $500.00?