ABSEND
The A/B in ABSEND represents
What are Adjustments?
The debit part of adjustment A
What is Supplies Expense?
The debit part of the S entry
Income Summary is a temporary account (T/F)
What is true?
What is the Capital account ledger?
The S in ABSEND represents
What is closing the Sales account?
The credit part of adjustment A
What is Supplies?
The credit part of the S entry
What is Income Summary?
Income Summary has a normal balance of Credit (T/F)
What is False?
The Post-Closing Trial Balance records only ___________ accounts.
What is permanent?
The E in ABSEND represents
What is closing the Expense accounts?
The debit part of Adjustment B
What is Insurance Expense?
The debit part of the E entry
What is Income Summary?
What is the N entry?
Accounts that close at the end of the fiscal period are called
What are temporary accounts?
The N in ABSEND represents
What is closing the Income Summary account?
What is Prepaid Insurance?
What is Income Summary?
Income summary is included in the Post-Closing Trial Balance (T/F)
The owners Capital account must be closed at the end of the fiscal period (T/F)
What is False?
The D in ABSEND represents
What is closing the Drawing account?
Why are headings used in the General Journal for Adjusting & Closing Entries?
Because there are no source documents to support the entries
The Credit part of the D entry
What is the Drawing account?
Assuming a net income, Income Summary will be which part of the N entry?
What is debit?
The value used to close the Income Summary account
What is Net Income?