"General"
Journal Entries
Adjustment Process
Financials and Closing
Period Two
100
The name of the sole proprietor of "The General's Favorite Fishing Hole".
Who is Bob Night?
100
The number of April transactions that involve the Cash account.
What is 17 ?
100
Necessary because some account balances are changed at the end of an accounting period.
What are adjustments?
100
Used in the adjustment process and for calculating account balances for preparing the financial statements.
What is the 10 column work sheet?
100
The reason Bob Night invested additional funds into his business.
What is to purchase a nearby campground?
200
The type of account that account 181.1 is.
What is a contra asset account?
200
Debit accounts are always listed first when making journal entries for this reason.
What is "that's just the way it is"? (it's is an accounting convention)
200
Determined by the formula depreciable cost divided by useful life.
What is the amount of the depreciation adjustment?
200
The term for the amount that makes the debit and credit columns of the Income Statement and Balance Sheet columns balance after calculating.
What is Net Income or Net Loss?
200
The type of journal entry called for by the first transaction dated May 2nd.
What is a compound entry?
300
The reason the account number for Wages Payable starts with a 2.
What is "because it's a liability account" ? DUH! (DOH!)
300
Because you bought stuff and didn't pay for it.
Why is accunt number 202 credited in the April 3rd transaction?
300
The amount of insurance premium "used up" during the accounting period.
What is expired insurance?
300
This reports the profitability of the General's business for the period ended April 30th.
What is the Income Statement?
300
The total cash paid for a competeing business.
What is $639,000?
400
The amount of time guests typically register for.
What is one week?
400
The circumstance where you would debit accounts payable when making a payment. (see the second transaction dated April 30th) **********Daily Double************
What is "because you already accounted for getting the stuff, now you are just paying off what you owe"?
400
The trial balance amount in the Supplies account less amount still there at the end of the accountiing period. ******Daily Double******
What is the formula for calculating supplies expense?
400
The number and name of the journal entries that finalize the accounting at the end of an accounting period.
What are the four closing entries?
400
The asset account adjusted for the receipt of magazines during the month. ******Daily Double*****
What is Prepaid Subscriptions?
500
Students should plan on spending this amount of time to complete the Comprehensive Problem.
What is 3 - 4 hours? (Ha! Ha!)
500
The number of April journal entries that do not need to be posted to the General Ledger.
What is **NONE** ? All journal entries are always posted to the General Ledger !!!!!!
500
The liability account used in the wage adjustment.
What is Wages Payable?
500
The type (or format) used in preparing the financial statement that reports the financial condition of the General's business at April 30th. *****Daily Double******
What is a Classified Balance Sheet?
500
The additional steps in the period 2 requirements due to it being a liitle more complicated.
What is none? (the process is the same month to month)
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