Adjustments
Terminology
Where in the Equation
Choose a side
100
This type of Trial Balance is needed in order to start on the Financial Statements
What is Adjusted Trial Balance
100
This is simply something you own
What is assets
100
Dividends
What is Stockholders Equity
100
The normal balance of an expense
What is debit
200
Revenues have been earned but not yet received in cash
What is Accrued Revenues
200
The type of accounting required for big corporations where revenue and expenses must be matched in the period in which they are accrued.
What is Accrual Basis Accounting
200
Accumulated Depreciation
What is Assets
200
In order to record accumulated depreciation, it needs a
What is Credit
300
Cash received and recorded as a liability before revenue is earned
What is Unearned Revenue
300
The statement of Revenues less Expenses, and Net Income or Loss
What is Income Statement
300
Notes Payable
What is Liabilities
300
Credit Cash to debit supplies, adjust the entry, credit supplies and debit _____
What is Supplies Expense
400
Unearned Revenue and Prepaid Expenses are examples of
What is Deferrals
400
You have just performed a service, you will need to credit this account.
What is Service Revenue
400
Retained Earnings
Stockholders Equity
400
Rent has just been paid with a check, a credit needs to go here
What is Cash
500
This adjustment requires me to credit accumulated depreciation and debit
What is Depreciation Expense
500
The side of which the balance increases
What is normal side
500
Depreciation Expense
What is Stockholders Equity
500
Anytime an expense is recorded, it is always a
What is Debit
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