You bought supplies worth of $650 and paid full with cash
What is debit supplies and credit cash.
100
A business form showing the details of a transactions in which goods or services are sold to a customer for cash.
What is cash sales slip.
100
An informal business paper used to organize and plan the information for the financial statements.
What is 6 column worksheet.
200
Is usually 1 year.
What is a fiscal period?
200
A business organization must be kept separate from the personal affairs of its owner.
What is business entity concept?
200
You withdrew $750 from your business. Of this, $400 was from personal use and $350 was for gasoline for the business auto mobile.
What is debit 400 drawings, debit 350 auto expense, and credit cash 750.
200
A business form representing a purchase of goods or services on account.
What is purchase invoice.
200
Two outer columns.
What is net income.
300
Work sheet prepared.
What is stage 5.
300
That accounting will be recorded on the basis of objective evidence.
What is objectivity principle?
300
In your business a truck requires an engine adjustment costing $75. You paid $50 in cash and the rest paid later.
What is debit truck expense $75, credit cash for $50 and credit A/P for $25.
300
Debit drawings account and credit bank.
What is a cheque copy.
300
Everything other than the revenue and expenses.
What is a balance sheet.
400
Recurring set of accounting procedures carried out during each fiscal period.
What is the accounting cycle?
400
States that revenue must be recorded in the accounts at the time the transaction has completed.
What is revenue recognition convention.
400
In your business you spend $50 on supplies, $15 on miscellaneous expenses all with cash. You also withdrew $100.
What is debit $50 supplies, $15 miscellaneous expenses and $100 drawings, and credit $165 cash
400
Debit bank for 2142.24 and credited accounts receivable for 2142.24.
What is a cash receipts daily summary.
400
All revenue and expenses.
What is income statement
500
Work sheet prepared, formal financial statements prepared, ledger accounts adjusted and closed, post-closing trial balance prepared.
What is stages are in the inner ring?
500
states that each expense item related to revenue earned must be recorded in the same period as the revenue would helped to earn.
What is the matching principle.
500
Anna bought a truck worth $1560. She paid 70% in cash and the rest on credit.
What is debit truck $1560, credit accounts payable for 468. Credit cash for $1092.
500
a computerized sales register that allows a business and its customers to exchange funds electronically.
What is point of sale terminal
500
The 4 steps of the worksheet.
What is write the heading on the worksheet paper, enter all accounts with their balances in the trial balance, extend to the income statement and balance sheet, balance the work sheet.