This source document is used when you make a purchase on account.
What is a memo?
100
Profit and loss reports are made before or after adjustments are made
What is after?
100
One advantage and one disadvantage of a proprietorship
What is the owner can take all profit but also takes all losses?
200
The account debited when an owner makes a withdrawal
What is the drawing account?
200
A check that has been deposited but has not been processed by the bank
What is an outstanding deposit?
200
This source document is used when you make a cash sale.
What is a tape?
200
The type of account that accumulated depreciation falls under
What is a contra account?
200
An agreement to exchange goods or services that results in a change in equity, assets, or liability.
What is a transaction?
300
The balance side of an unearned revenue account
What is debit?
300
Name the type of endorsement: You received a check for your birthday. Since you don't have a checking account you signed it over to your parents and they gave you cash.
What is a restrictive endorsement?
300
The thing that determines the number next to the "T" in a sales tape journal entry.
What is the date?
300
Your company sold $500 in gift cards. What accounts are debited and credited?
What is cash (debited) and unearned revenue (credited)?
300
A spanish company has subsidiaries in Mexico. Does the company report in euros or pesos?
What is euros?
400
A customer pays $500 on account. The accounts debited and credited are
What is accounts receivable (credit), cash (debit)
400
You establish a petty cash fund $100. What accounts are debited and credited?
What is cash (credited) and petty cash (debited)?
400
Accounting transactions will be entered objectively and ased on facts.
What is the concept of objective evidence?
400
The effect that not performing a supplies adjustment has on net profit
What is overstated?
400
The four ways that owner's equity can be changed (increased or decreased)
What is investment (+), revenue (+), withdrawal (-), and expense (-)?
500
The credits of an account are $500, $600, and $300. The debits of an account are $600, $700, and $500. What side is the balance side, and what is the balance?
What is $400 on the debit side?
500
You have sales transactions of $50, $60, $110. You have $200 in cash. What is the net effect?
What is $20 short?
500
The most significant difference between journals and T accounts
What is the separation of accounts and account titles?
500
The accounts effected in the fourth closing transaction, debited and credited
What is capital (credited) and drawing (debited)?
500
Your ice cream shop catered ice cream for EPHS on June 3rd. They payed you on August 5th. State the concept that says that you record the sale on June 3rd.