Adjusting Entries
Closing Entries
Depreciation
Worksheets
Rules and Regulations
100
What must be done in order to determine the true balance in the supplies account.
What is a physical inventory
100
The definition of a Real account
What is accounts that carry over into the new year
100
The definition of Depreciation
What is The loss in the value of an asset as it ages
100
The writing untensil that can be used on a worksheet
What is a pencil
100
The Accounting Standards that makes adjusting entries necessary
What is The Matching Principle and Revenue Recognition Principle
200
An expense that is paid for ahead of time, and gets used up over time.
What is a prepaid expense
200
Three types of accounts that must be closed
What is: Revenue, Expenses, Drawings
200
The formula for straight-line depreciation
What is: (Purchase price - salvage value)/#years company will keep asset
200
The accountant's purpose in preparing a worksheet
What is to plan out adjusting entries and prepare financial statements
200
The Accounting Standard that makes it necessary to have an Accumulated Depreciation account
What is The Cost Principle
300
The adjusting entry needed to update the supplies account if there is $200 of supplies in inventory, but the supplies account has a balance of $1,000
What is: DR Supplies Expense $800 CR Supplies $800
300
The journal entry to close out the Fees Earned account that has an ending balance of $58,500
What is: DR Fees Earned $58,500 CR Income Summary $58,500
300
The specific section of the Balance Sheet that contains the Accumulated Depreciation accounts
What is Long Term Assets
300
The part of the worksheet that must be recorded in the company's journal
What are the adjusting entries
300
The method of depreciation that must be used for Tax Returns
What is The Declining Balance method
400
The unexpired Prepaid Insurance if the policy was purchased on March 1 for $600 and the fiscal year ends December 31
What is 2/12 * 600 = $100
400
The journal entry to close out the Income Summary account that has a DR balance of $18,200
What is: DR Capital $18,200 CR Income Summary $18,200
400
The depreciation expense for an photocopier purchased for $6,000 with a salvage value of $1,000 and an expected useful life of 10 years, using the straight line method
What is $500
400
What must be done in order to get the DR column and the CR column to balance in the Income Statement section of the worksheet
What is: Calculate the difference (Net income or loss) and add it to the lower side
400
The meaning of the 50% rule with respect to depreciation
What is calculating depreciation on 50% of the asset's purchase price the first year it is purchased
500
The journal entry to adjust the Fees Earned account because a deposit was given to your interior decorating business for $40,000 (and recorded as Fees Earned), but at year end only $15,000 work has been completed.
What is: DR Fees Earned $25,000 CR Unearned Revenue $25,000
500
The account that is closed out directly into Capital
What is Drawings
500
The depreciation expense in year 1 (50% rule in effect) for a photocopier purchased for $6,000 with a CCA rate of 20%, if declining balance method is used.
What is $6,000 x 50% x .2 = $600
500
What must be done in order to get the DR column total to equal the CR column total in the Balance Sheet section
What is add the Net Income (Loss) from the Income Statement section to the opposite column of the Balance Sheet
500
The accounting method in which revenues and expenses are recorded when they happen, regardless of whether cash is received (or paid)
What is The Accrual Method
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