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Cycle Steps
Cycle Steps Cont.
Debit or Credit?
Examples (cycle steps)
Examples Cont. (cycle steps)
100
In step ___, you analyze each transaction.
What is step 2.
100
This occurs in the first step of the accounting cycle.
What is to collect and verify source documents. (step 1)
100
Cash in Bank has a ______ balance.
What is a debit balance.
100
In step 1 you collect source document. The four source documents are Invoice, Checks, _______, and ________.
What are Memorandums, and receipts.
100
The three sections on the worksheet are...
What are trial balance, income statement, and balance sheet. (step 6)
200
In step __, you prepare a trial balance.
What is Step 5.
200
________ is completed after you finish the work sheet.
What is preparing financial documents. (step 7)
200
Accounts Payable has a _______ balance.
What is a credit balance.
200
A Capital Account has a _____ normal balance side in the general journal.
What is credit side. (step 3)
200
When journalizing and posting closing entries, you put "_______" in the description column.
What is "Closing Entry". (step 9)
300
In step ___, you prepare a work sheet.
What is step 6.
300
You do ______ in step __, before preparing a post-closing trial balance.
What is to journalize and post the closing entries; step 9.
300
Expenses and Withdrawals have ______ balances.
What is debit balances.
300
Juanita Ortega writes a check for $200. This is a (debit or credit) for the _______ account.
What is credit; cash in bank (step 2)
300
Statement of Changes and Owner Equity, Income Statement, and Balance sheet are the three ___________.
What are the financial statements. (step 7)
400
What you do after journalizing.
What is posting to the general ledger. (step 4)
400
Once each transaction is analyzed, you ___________.
What is journalize each transaction. (step 3)
400
Fees have a ______ balance, and revenue has a _____ balance.
What is credit;credit.
400
When posting to the general ledger, the first line contains the debit account, the second line contains the credit account, and the third line includes the _______.
What is source document. (step 4)
400
All of the temporary accounts are (included/not included), and all of the permanent accounts are (included/not included), in the post closing trial balance.
What is not included; included. (step 10)
500
Step ___, is the final step in the accounting cycle where you _____________.
What is step 10; prepare a post-closing trial balance.
500
This is what occurs in step 8 of the accounting cycle.
What is journalize and post the adjusting entries. (step 8)
500
Income Summary on the worksheet has a _____ balance.
What is neither debit nor credit balance.
500
When preparing the trial, if the cash in bank account has $300, the office supplies account has $200, the accounts receivable has $24, the accounts payable has $40 and Juanita Ortega, Capital has $484, do the accounts balance?
What is the accounts balance aka yes. (step 5)
500
Entries completed in step 8, but not covered in class.
What are adjusting entries.