Misc
Entries performed at the end of each month.
What are Closing Entries.
Financial rights to the assets of a business.
What are Owners Equities.
An increase in owner's equity resulting from the operation of a business.
What is revenue.
The left side of a T account.
What is the debit side.
A word used by accountants to communicate that an expense has occurred and needs to be recognized on the income statement even though no payment was made. The second part of the necessary entry will be a credit to a liability account.
What is Incurred?
Assets, Liabilities and Owners Equity
What accounts stay open after closing.
Amount owed by a business.
What are liabilities.
A decrease in owner's equity resulting from the operation of a business.
What is an expense.
Each side of the T account must always be this.
What is equal.
an item is reported as revenue when a service has been performed or the ownership to a product has been transferred from the seller to the buyer (not when cash is received).
What is a Earned (Revenue)$
Supplies and Supplies Expense
What is Supplies account closing into Supplies Expense account after adjustments
Business activity that changes assets, liabilities, or owner's equity.
What is a transaction.
Classification of cash, supplies, and prepaid insurance.
What are assets.
Right side of the T account.
What is the credit side.
Increases or credits to the company's bank account, such as notes or accounts collected by the bank and/or interest income earned.
What is a Credit Memo (CM)?
Federal Tax Withholding, State Income Tax Withholding , Fica, Medical Insurance.
What are deductions from total Earnings.
Side of accounting equation that assets go on.
What is the left.
Capital is under this classification.
What is owner's equity.
Accounts that are affected when you receive cash.
What is asset (cash) and Revenue.
An account brought into existence as a debit to balance expense accounts or as a credit to balance revenue accounts in the closing entry process. The revenue and expense account balances are transferred to this account to allow calculations of net income or net loss.
What is the Income Summary Account?
Employees personal information, Employees Accumulated Earnings, Deductions and Net Earnings
What is Employee information that the US Government requies Employers to keep..
Side of the accounting equation that Owner's Equity goes on.
What is the right.
Assets taken out of a business for the owner's personal use.
What are withdrawals.
account that reduces a related account on a financial statement.
What is contra account.
Income Summary Account closes into what account?
What is the Owners Equity Account