What kinda thing is this?
Mortgage payable would be considered to be a
Liability
Prepaid expenses are found on what financial statement?
Balance sheet- this is an asset
A decrease in an asset would require a ____ entry
Credit
How do I know if my trial balance balances?
Byrne says I should attempt my accounting work. I know he is going to take the answer up the next day... I should...
Attempt the accounting work and be wrong. Mr. Byrne likes mistakes. How can you learn if you don't try? DUH
Prepaid expenses would be a _______ account
Unearned revenue is found on what financial statement?
Balance sheet- liability
A decrease in liability would require a _____ entry
How do I know if my journal entry balances?
My debit entry(s) is the equal value of my credit entry(s)
Byrne says if I do all the assigned work I will do well on my exam. Should I trust him?
Yes. He means it.
Unearned Revenue is a _______ account
liability
Wages expenses are found on what financial statement?
Income statement- expense account
To record the adjusting entry for supplies that recognized that they have been used up over time. We would need to make a ____ entry
Credit
How do I figure out my net income?
Revenue- Expenses
I'm struggling with accounting. Should I ask Mr. Byrne for help or just go on my phone for the rest of the semester?
Ask Mr. Byrne for help. He actually enjoys seeing you do well and he's a lot nicer than he looks.
The owner takes an asset out of the business. We use the ______ account.
drawings
Fees earned are found on what financial statement?
Income statement- Revenue account
DAILY DOUBLE!!!!!!!!!!!
What would be the appropriate journal entry:
Prepaid Insurance was purchased on Dec. 1 for $1200 for the fiscal year. Make the adjusting entry to bring the account total to the current amount.
DR Prepaid Insurance Expense $100
CR Prepaid Insurance $100
Can my trial balance balance and still be wrong?
Yes.. multiple answers
Name one of 2 dogs Byrne has or had recently.
Georges the corgi (RIP)
Winnie the corgi
An investment by the owner would cause a positive change to this account.
Capital
Drawings are found on what financial statement?
Balance Sheet- Owners equity section
The owner removes an asset from the business (let's say Cash) make the journal entry.
DR Drawings
CR Bank (or Cash)
I have a late-arriving invoice (a month after the fiscal year). Am I right to include it in the current year or should I make an adjustment to the previous year?
Make the adjustment to the previous year. This is accrual accounting.
DR the expense for the invoice
CR account payable
Name both the Grade 12 business courses you could take if you wanted to spend one more year with Mr. Byrne in your life. (You're old too now!)
Accounting
Business leadership