Journal entries recorded to update general ledger accounts at the end of a fiscal period.
What are adjusting entries?
100
Accounts used to accumulate information from one fiscal period to the next.
What are permanent accounts?
100
Accounts used to accumulate information until it is transferred to the owner's capital account.
What are temporary accounts?
100
Journal entries used to prepare temporary accounts for a new fiscal period.
What are closing entries?
100
A trial balance prepared after the closing entries are posted.
What is a post-closing trial balance?
200
The series of accounting activities included in recording financial information for a fiscal period.
What is the accounting cycle?
200
Adjusting entry for Supplies.
What is debit supplies expense and credit supplies?
200
Adjusting entry for prepaid insurance.
What is debit insurance expense and credit prepaid insurance?
200
Closing entry for sales.
What is debit sales and credit capital?
200
Closing entry for all expense accounts.
What is debit Income Summary and credit expenses?
300
Closing entry for Income summary when there is a net income.
What is debit Income Summary and credit capital?
300
Closing entry for Income Summary when there is a net loss.
What is debit capital and credit Income Summary?
300
Closing entry for the owner's drawing account.
What is Debit capital and credit drawing?
300
Three categories of accounts that appear on a post-closing trial balance.
What are assets, liabilities and owner's equity?
300
After adjusting entries are posted, the supplies balance will be equal to this.
What are supplies on hand.
400
Where the information needed for journalizing adjustments is obtained from.
What is the worksheet's adjustment column?
400
When revenue is greater than expenses - you have a net income. The income summary is on this side.
What is a credit?
400
When expenses are greater than sales - you have a net loss. The income summary is on this side.
What is a debit?
400
Information obtained for closing entries comes from here.
What are the work sheet's Income Statement and Balance Sheet columns?
400
Under what category of accounts will you find Income Summary?
What is a temporary account?
500
Accounting concept applied when a worksheet is prepared at the end of each fiscal cycle to summarize the general ledger information needed to prepare financial statements.
What is the Accounting Period Cycle?
500
Accounting concept applied when expenses are recorded in the same fiscal period that they are used to produce revenue?
What is Matching Expenses with Revenue?
500
Pertaining to closing, the category of accounts will you find revenue, expenses and drawing.
What are temporary accounts?
500
A list of accounts that only includes those with balances.
What is a post-closing trial balance?
500
The amount that is put into the adjustment column.