adjusting entries
What date should be used to record the December adjusting entry?
Dec 31st
Should the $500 entry to Mary Smith, Capital be a debit?
No
What are the 4 closing entries
Revenue, Income, Expense, Divendend
what city is known as the windy city?
Chicago
Which type of adjusting entry is often reversed on the first day of the next accounting period?
Accrual
What is Deadcoil?
Debit, Expense, Assets, Drawings, Credit, OE, Income, Liabilities
Is depreciation a COGS or SG&A?
SG&A(Selling General Admin)
Who won Super Bowl 48?
Seattle Seahawks
What type of accounts are Prepaid Insurance, Prepaid Advertising, and Prepaid Expenses?
Assets
Inventory + Purchases - Ending Inventory = COGS
How do you close net income?
debiting Income Summary and crediting the Capital account if there is a Net Income.
17th letter in alphabet
Q
Which of the following will be included in the adjusting entry to accrue interest expense?
A Credit to interest payable
The normal balance of any account is the
The side that increases
What expenses are included in closing entries?
Rent,Interest,Salary
In High School Musical, What Song do they sing after the championship game?
"We're All In This Together"
The ending balance in the account Deferred Revenues (or Unearned Fees) should report which of the following?
The Fees Received In Advance Which Are Not Yet Earned
Generally, when an expense is involved in a transaction, an expense account will be
Debited
What is the journal entry for net income?
debiting the Income Summary account and crediting (for net income) or debiting (for net loss) the Retained Earnings account.
What is Closer to 12 AM
A)11:55 AM
B)12:06 AM
C)11:50 AM
D)12:03 AM
A)11:55 AM