Vocabulary
Items that are owned with value
Assets
Drawing is included with this statement.
Statement of Owner's Equity
Supplies are bought with cash. What is debited and what is credited?
Supplies is debited and Cash is Credited.
In the song, the 12 Days of Christmas, what is given on the 5th Day?
5 Golden Rings
What is the transaction to adjust supplies?
Supplies Expense is debited and Supplies is Credited.
Debts of a business
Liabilities
The accounting equation is represented with this statement.
The Balance Sheet
Cash is received for services. What account is debited and what account is credited?
Cash is debited and Sales is Credited.
Cash, A/R, A/P, and prepaid Insurance all have something in common except one account. What is it and Why?
Accounts Payable because it is a liability.
What movie puts Santa Claus on trial?
Miracle on 34th Street
Twelve Consecutive months in a business.
Fiscal Year
The trial balance, adjustments, income statement and balance sheet are included on this statement.
Worksheet
Supplies are bought on account. What is debited and what is credited?
Supplies is Debited and Accounts Payable is credited.
What is the classification for Cash Short and Over?
Expense
Name 3 of the tricks that Kevin played on the bandits in Home Alone I
iced steps, a scalding hot doorknob, paint cans swung from a rope, a burning doorknob, a nail in the basement stairs, a tarantula unleashed on Marv, Christmas lights, and a crowbar to the chest
A check or memo serves as this
Source Document
What is the pig's name in Toy Story I?
Piggy Bank Hamm
Cash is received as an investment. What account is debited and what account is credited?
Cash is Debited and Capital is credited.
Sales is what classification and has what kind of normal balance?
Sales is a Revenue Account with a credit balance.
What are the four ways to change equity?
Investment, Sales, Expenses, Withdrawal
Small amounts of cash kept on hand for th convenience of a business.
Petty Cash
What is the name of the statement that has sales and expenses included?
The Income Statement
Services are sold on account. What account is debited and what account is credited?
Accounts Receivable is debited and Sales is credited.
What are the two Owner's Equity Accounts? What are the normal balances?
Capital and Drawing.
Capital has a credit balance and Drawing has a debit balance.
What is Buddy the Elf's biological Father's name?
Walter Hobbs