Definitions Journal Entries Adjusting Entries Closing Entries Name the Stmt

100

What is Carrying Amount
Original cost less accumulated depreciation

100

What is: Dr. Rent Expense $1000 Cr. Cash $1000
Paid January rent (in January) $1000.

100

What is Dr. Interest Receivable $21 Cr. Interest Revenue $21
Interest is received on the first of each month for the previous month (On September 30, the balance was $5000 and the interest rate is 5% annually).

100

What is: C
In order to close an expense account, the: a. income summary account should be debited. b. owner's drawings account should be credited. c. income summary account should be credited. d. owner's drawings account should be debited.

100

What is: Balance Sheet
Interest Receivable

200

What is Income Summary
A temporary account used to close revenues and expenses.

200

What is: Dr. Accounts Receivable $900 Cr. Service Revenue $900
Performed services on account and billed customers for services provided, $900

200

What is : Dr. Interest Expense 1,100 Cr. Interest Payable 1,100
On July 31, 2010, a company purchased a truck for use in the business for $62,000, paying $18,000 cash and signing a 6% note payable for the remainder. The interest and principal of the note are due on January 31, 2011. State: The accrual of the interest at year end, December 31, 2010, assuming interest has not previously been accrued

200

What is : Dr. Income Summary $9,300 Cr. Income Expense $9,300
On December 31, the unadjusted trial balance of Masterson Employment Agency shows the following selected data: Accounts receivable $ 24,000 Commission revenue $ 92,000 Interest expense 7,800 Interest payable 0 Masterson, capital 48,000 Analysis shows that adjusting entries were made to accrue (1) $4,400 of commission revenue, and (2) accrue $1,500 of interest expense. Provide the closing interest expense entry

200

What is: Income Statement
Amortization Expense

300

What is Closing Entries
Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner's equity account.

300

What is: Dr. Supplies $500 Cr. Accounts Payable $500
Purchased supplies on account, $500.

300

What is: Dr. Depreciation Expense 5,000 Cr. Accumulated Depreciation-Machine 5,000
On January 1, 2010, Creed Co. purchased a machine for $50,000. It estimates the machine will have a ten year useful life. Creed Co. has a December 31 fiscal year end. State the adjusting entry for Dec 31, 2010

300

What is: Dr. Commission Revenue $96,400 Cr. Income Summary $96,400
On December 31, the unadjusted trial balance of Masterson Employment Agency shows the following selected data: Accounts receivable $ 24,000 Commission revenue $ 92,000 Interest expense 7,800 Interest payable 0 Masterson, capital 48,000 Analysis shows that adjusting entries were made to accrue (1) $4,400 of commission revenue, and (2) accrue $1,500 of interest expense. Provide the closing revenue entry

300

What is: Statement of Owners Equity AND Balance Sheet
Creagh- Capital Account

400

What is unearned revenue.
Cash which has been received in advance of services being performed

400

What is: Dr. Cash $3000 Cr. Unearned Revenue $3000
Received $3,000 from customers for services to be provided in the future.

400

What is: Dr. Office Supplies Exp. $1500 Cr. Office Supplies $1500
The office supplies account on January 1 had a balance of $200. During the year the company bought $2,000 of supplies which was debited to the supplies account. A count of the supplies on hand on December 31 showed that there was $700 of supplies left

400

What is: Dr. Willis - Capital $21,500 Cr. Willis- Drawings $21,500
Willis Company has the following year-end account balances on September 30, 2011: Service Revenue $53,900; Salaries Expense $15,400; Rent Expense $12,100; Supplies Expense $3,500; B. Willis, Capital $67,800; and B. Willis, Drawings $21,500. Provide the entry to close drawings.

400

What is: Balance Sheet
Unearned Revenue

500

What is Share Capital
A part of owners' equity in a corporation.

500

What is: Dr. Drawings $400 Cr. Cash $400
Paid Erin Creagh $400 cash for personal use.

500

What is: Dr. Unearned Rent $4,000 Cr. Rent Revenue $4000
On August 1, a property owner received 8 months rent in advance from a tenant whose rent is $800 per month. The $6,400 was credited to the Unearned Rent account. What is the Dec 31st entry?

500

What is: Dr. Income Summary $22,900 Cr. B Willis Capital $22,900
Willis Company has the following year-end account balances on September 30, 2011: Service Revenue $53,900; Salaries Expense $15,400; Rent Expense $12,100; Supplies Expense $3,500; B. Willis, Capital $67,800; and B. Willis, Drawings $21,500. Provide the Income Summary to Capital Account Entry.

500

What is: Balance Sheet
Goodwill

Chapters 1-4 Review

Press F11 for full-screen mode

Correct Response      Continue