Definitions
Journal Entries
Adjusting Entries
Closing Entries
Name the Stmt

100

Original cost less accumulated depreciation
What is Carrying Amount

100

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

100

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).
What is Dr. Interest Receivable $21 Cr. Interest Revenue $21

100

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.
What is: C

100

Interest Receivable
What is: Balance Sheet

200

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

200

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

200

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
What is : Dr. Interest Expense 1,100 Cr. Interest Payable 1,100

200

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
What is : Dr. Income Summary $9,300 Cr. Income Expense $9,300

200

Amortization Expense
What is: Income Statement

300

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

300

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

300

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
What is: Dr. Depreciation Expense 5,000 Cr. Accumulated Depreciation-Machine 5,000

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 revenue entry
What is: Dr. Commission Revenue $96,400 Cr. Income Summary $96,400

300

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

400

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

400

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

400

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
What is: Dr. Office Supplies Exp. $1500 Cr. Office Supplies $1500

400

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.
What is: Dr. Willis - Capital $21,500 Cr. Willis- Drawings $21,500

400

Unearned Revenue
What is: Balance Sheet

500

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

500

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

500

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?
What is: Dr. Unearned Rent $4,000 Cr. Rent Revenue $4000

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 Income Summary to Capital Account Entry.
What is: Dr. Income Summary $22,900 Cr. B Willis Capital $22,900

500

Goodwill
What is: Balance Sheet