Analyze & Journalize (Open)
Identify the account:
Money owed by customers.
Accounts Receivable
A debit of $448 was accidentally recorded as $532. By how much is the trial balance off?
$84
Separate these accounts into Balance Sheet accounts and Income Statement accounts:
Cash, Accounts Payable, Insurance Expense, Sales, Supplies, Equipment, Capital, Rent Expense, Service Charge
Balance Sheet: Cash, Accounts Payable, Supplies, Equipment, Capital
Income Statement: Insurance Expense, Sales, Rent Expense, Service Charge (Misc. Expense)
What food is famous for “never spoiling”?
Honey
Which actor first appeared as a space pirate trying to steal the Power Stone in Guardians of the Galaxy?
Chris Pratt
What accounts are increased with a credit:
Cash, Revenue, Rent Expense, Accounts Receivable, Prepaid Insurance, Capital, Insurance Expense, Accounts Payable, Equipment.
Revenue, Capital, Accounts Payable
Which type of accounts are closed at the end of the accounting period?
Temporary Accounts
If liabilities are $40,000 and owner’s equity is $60,000, what are total assets?
Assets=40,000+60,000=100,000
What does “WWW” stand for?
World Wide Web
If Mr. L could have any superpower, which would probably be most useful for teaching?
Answers Vary (most useful/creative answer)
What is debited and credited?
Owner deposited $10,000 in a checking account as an investment in the business?
Cash-Debit
Capital-Credit
Which type of account would NOT appear on a post-closing trial balance?
Revenues and Expenses
What is the final line typically shown on an income statement?
Net Income/Loss
Which element has the chemical symbol "W"?
Tungsten
What metal is Captain America’s shield primarily made from?
Vibranium
At month-end, $300 of supplies were used. What adjusting entry is required?
Debit Supplies Expense, Credit Supplies
A transaction was posted twice correctly. What will happen to the balance of the TB?
It will still balance
A business has beginning capital of $50,000, net income of $20,000, and withdrawals of $5,000. What is ending capital?
Capital: 50,000+20,000−5,000=65,000
What is the capital of Australia?
Canberra
What creature did Gandalf battle in Moria?
Balrog
Received a full payment for a sale of $1,200 on May 20, 2026, R44.
How might we journalize this accurately?
Date: 5/20
Account Title: Check Mark
Doc Number: R44
Post Ref: Check Mark
Sales Credit: $1,200 Cash Debit: $1,200
After closing entries are completed, what should all temporary account balances equal?
Zero
What is the %of Sales for Net Loss when Total Expenses=$123,456 and Total Revenue=$78,910
156.4%
What is the rarest blood type?
AB Negative
What is the real name of the Scarlet Witch?
Wanda Maximoff