Show:
Financial Statements
Periodic
Bank Reconciliation
Cash
Closing Entries
100
Sales Income appears on this financial statement
What is an Income Statement?
100
Account used to record the purchase of merchandise for resale
What is Purchases?
100
Bank Reconciliation date if prepared for May 2010
What is May 31, 2010?
100
Account debited when petty cash fund is established
What is Petty Cash?
100
Account set up for one day for the closing process.
What is Income Summary?
200
First section of the Income Statement
What is Revenues?
200
One entry on this date is recorded in periodic instead of two under the perpetual method
What are transactions recorded on the sale date?
200
Reconciling item subtracted from the bank side of the reconciliation.
What are outstanding checks?
200
Type of account debited when petty cash is replenished
What is Expense?
200
Account whose balance is created when closing the credit balance accounts
What is Merchandise Inventory?
300
They are subtracted in Cost of Goods Sold section
What is Purchases Discounts and Purchase Returns and Allowances?
300
Terms where buyer pays shipping
What is FOB shipping?
300
Must be equal upon completion of the bank reconciliation.
What is the Adjusted book balance and Adjusted bank balance?
300
What happened if we need to record a debit to cash over/short account.
What is Cash shortage?
300
Where closing entries are recorded.
What is the general journal?
400
Beginning Inventory plus Cost of Goods Purchased
What is the Cost of Goods Available for Sale?
400
Account not used during regular daily entries when using periodic but is used at month end closing.
What is Merchandise Inventory?
400
Where errors are assumed to be.
What is book side?
400
Account credited when the Petty Cash fund amount is reduced
What is Petty Cash?
400
Balance in Income Summary closed to capital
What is net income or net loss?
500
Net sales less cost of goods sold
What is Gross Profit?
500
Account debited when a customer returns merchandise to us.
What is a Sales Return and Allowance?
500
What we should do on reconciliation if check issued for $10 but we recorded incorrectly $100
What is add $90?
500
Total of receipts plus cash must be equal to this amount
What is Imprest Level?
500
Description of Merchandise Inventory closed in the second closing entry.
What is Ending Inventory?