Show:
IS-RE-BS-CF
Adjusting Entries
Surprise
Closing Entries
Financial Statements
100
Cash ending balance
What are Statement of Cash Flow and Balance Sheet?
100
Unadjusted Trial Balance Supplies $1,500 Used Supplies $500 Unused Supplies $1,000 Adjusting Entry, accounts, dr cr and $ amounts are
What is DR Supplies Expense $500 CR Supplies $500?
100
A merchandising business sold merchandise costing $600 to a customer on account for $1,000. What accounts are debited and credited?
What is DEBIT A/R 600 CREDIT SALES 600 DEBIT Cost of Goods Sold 1,000 CREDIT Merchandise Inventory 1,000?
100
These are prepared to zero out income statement accounts.
What are Closing Entries?
100
This statement formally represents Revenue - Expenses.
What is Income Statement?
200
Insurance expired
What is a Income Statement? Insurance expired is an expense
200
Unadjusted Trial Balance Unearned fees $2,000 At the end of the Fiscal Period Unearned Fees should be $800 (What is debited and credited and for how much?)
What is DR Unearned Fees $1,200 CR Fees Earned $1,200?
200
The account used by a corporation at the end of the fiscal period to close its revenue and expenses into is called
What is Retained Earnings?
200
Net income belongs to owners, therefore a closing entry transfers the balance in an income statement account to an account classified as owners' equity. For a sole-proprietorship this account is called
What is the capital account?
200
The financial statement represents ALOE or ALSE.
What is a Balance Sheet?
300
Capital Stock
What is Balance Sheet?
300
Adjusted Trial Balance for Equipment is $12,000 The equipment depreciated $1,000 each year. The adjusting entry for this fixed asset is. (what account is debited and what account is credited and how much)
What is Dr Depreciation Expense $1000 Cr Accumulated Depreciation - Equipment $1,000.
300
That GAAP that relates to accounting events must be specific to the entity for which accounting records are kept.
What is Business Entity?
300
The temporary account that is used by some corporations as an in between step to close expenses and revenue accounts to.
What is Income Summary?
300
The 3 sections on the Statement of Cash Flows
What is Operating, Investing and Financing?
400
Retained Earnings Ending Balance
What are Balance Sheet and Statement of Retained Earnings?
400
Accrued interest on the business's note (loan) is $400. What account is debited, what account is credited and how much for this adjustment?
What is Dr Interest Expense $400 Cr Interest Payable $400? The Notes payable account is not used until the note is paid off.
400
This person created double-entry accounting.
Who is Luca Pacioli?
400
Entry to close the revenue account for a service business organized as a corporation. (Income summary account not used for this business.)
What is Dr FEES EARNED Cr RETAINED EARNINGS?
400
What are the two accounts listed on the owner's equity section of a corporation's balance sheet?
What is Capital Stock and Retained Earnings?
500
Dividends paid during the period
What is Statement of Retained Earnings?
500
The GL balance for the Supplies account is 2,500. The supplies on hand are 400. What is the adjusting entry?
Dr Supplies Expense $2,100 Cr Supplies $2,100
500
Accounting events have 3 characteristic they are specific to the entity, __ and __.
Measurable Impact ALOE
500
List the items on the Statement of Owners' Equity for a Sole Proprietorship
Beginning Capital Balance +Net Income +Investments (if any) -Drawing Ending Capital Balance
500
The calculation for Retained Earnings.
Beginning balance of Retained Earnings + Net Income or - Net loss -Dividends = Ending Retained Earnings