Account
Terminology
Terminology
The basic accounting equation
What is Assets = Liabilities + Owner's Equity
An increase to an asset should always be a
What is Debit
What is the adjusting entry to account for supplies that have been used?
What is debit Supplies Expense; credit Suppies
An owner invests money in their business
What is DR Cash; CR Owner's Capital
People often refer to the State of Florida with this nickname.
What is the Sunshine State?
Journal entries that affect more than two accounts and have multiple debits and credits are called
What is Compound Journal Entries
The financial statement that shows a company the amount of income or loss it had in an accounting period.
What is the Income Statement?
What three types of accounts are considered to the temporary accounts?
What is revenue, expenses, and drawing?
Paid cash for supplies. What is the transaction?
What is DR Supplies and CR Cash?
This US state has the longest total coastline of all states
What is Alaska?
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
What is owner's equity?
Main purpose of the trial balance
What is ensuring that total debits equals total credits?
What is the transaction to close the Service Fees (revenue account)?
DR Service Fees; CR Income Summary
Hamilton Lawn Service earned $1,000 for services rendered. The customer promised to pay at a later time. What is the transaction?
What is DR Accounts Receivable and CR Service Fees (revenue)
The 'bunker' is not where you want to be in this sport.
What is golf?
The loss in value of an asset over a period of time
What is depreciation
Once an asset is no longer usable it will be sold at a value called this
What is Salvage Value (or scrap value)
What is the adjusting entry for wages that have not been paid?
DR Wages Expense; CR Wages Payable
Repaid a vendor for supplies that had previously been bought on account. What is the transaction?
What is DR Accounts Payable, CR Cash
Who sang "Another One Bites the Dust?"
What is Queen?
What type of an account is Accumulated Depreciation?
What is contra asset?
What is the name given to the general journal?
What is the book of original entry?
What is the transaction to account for depreciation on an asset?
DR Depreciation Expense, CR Accumulated Depreciation
What is the journal entry to show that defective supplies were returned to a vendor for a cash refund?
What is DR Cash and CR Supplies?
What is the only animal that cannot jump?
What is an elephant?