Vocabulary
These transfer the balance of temporary accounts to the Capital account at the end of the period
What are Closing Entries?
The first closing entry (what is the debit/s and what is/are the credit/s?)
What has you debit Revenue accounts and credit the Income Summary account?
The easiest way to remember which accounts go on the Post-Closing Trial Balance in Accounting 1.
What is Cash to Capital?
This is the actual definition for a debit.
What is the left side of a T-account?
April 12th, 1861
When did the U.S. Civil War begin?
This type of entry has more than one debit or credit on a transaction.
What is a Compound entry?
The second closing entry (debit and credit?)
What is debit the Income Summary account and credit the expense accounts?
These must equal total debits on the PCTB.
What are total credits?
What it is called when you have a debit and a credit on a transaction. This is what makes Accounting work and balance.
What is Double-Entry Accounting?
What is the name of the Avengers movie that comes out next month? (If you see it early and say ANYTHING about it in class before I have seen it, you will be expelled, tarred and feathered, and made to stand in a steel cage on 395 and no I don't care if you are cold or hungry)
This is done at the end of the period to check that debits equal credits for the permanent accounts.
What is a Post-Closing Trial Balance?
The most common mistake when recording the third closing entry
What is Closing Capital instead of Income Summary?
When your PCTB does not balance, this is most likely the reason.
What is the wrong balance for Capital?
This is the last step when posting to the ledger.
What is putting the posting reference (Account number posted to) in the General Journal next to the entry just posted?
June 1st, 1976
When was Mr. Dagley born?
This is used to accumulate and summarize the revenue and expenses for the period.
What is the Income Summary account?
Closing entries transfer the Net Income/Loss to this account.
What is the Capital account?
This is the balance in the Maintenance Expense account after closing entries have been Journalized and posted.
What is zero?
There are nine of these.
What are the steps in the Accounting Cycle?
This is the tallest mountain in our solar system.
What is Olympus Mons on Mars? (about 16 MILES high)
This is a ratio that tells us what percentage we get to keep of every dollar we bring in as revenue
What is the Return on Sales ratio?
When you have a Net Loss, you would debit this account on the third closing entry.
What is Capital?
This is how the date is worded on the PCTB.
What is the Month, Day, and Year only?
It is used to collect the information from the ledger accounts in one place to be used for end-of-period activities
What is the Worksheet?
This document begins 'Four score and seven years ago our fathers brought forth on this continent a new nation, conceived in liberty, and dedicated to the proposition that all men are created equal'
What is the Gettysburg Address?