Journal entries
Inland Inc. sold landscape services to a consumer for 67$ on account.
What is the journal entry for this?
(DR) Cash - 67$
(CR) Service revenue - 67$
What account type is Cash
Asset
(Some are in more than one but you only have to say one of them)
Accounts Receivable appears in what financial statement?
Statement of Financial Position / Balance Sheet
What's the basic accounting equation?
Assets = Liabilities + Equity
Cash payments on outstanding accounts payable balance totalled $19,900 for CocaCola Inc.
What is the journal entry?
(DR) Accounts Payable - 19900$
(CR) Cash - 19900$
What account type is Prepaid Insurance
Asset
(Some are in more than one but you only have to say one of them)
Notes payable is in what financial statement?
Statement of Financial Position / Balance Sheet
What is the purpose of the statement of financial position?
To report a company's financial position at a specific point in time
Sold 1000$ (cost, 600$) of merchandise to cash customers.
What is the journal entries?
(DR) Cash - 1000$
(CR) Sales Revenue - 1000$
(DR) Cost of goods sold - 600$
(CR) Inventory - 600$
What account type is Unearned Service Revenue
Liability
(Some are in more than one but you only have to say one of them)
What financial statement does Advertising EXPENSE appear in?
Statement of earnings
What is the point of adjusting entries.
Update accounts for revenues earned or expenses incurred that are not yet recorded.
Recorded 1 full year of depreciation, based on a delivery truck cost of $27,000 and salvage value of $2,000, with a useful life of 5 years.
(truck was bought on January 1st beginning of the year and now were recording the depreciation at the end of the year on December 31st)
What is the journal entry?
(DR) Depreciation Expense - 5000$
(CR) Accumulated Depreciation - 5000$
What account type is Costs of Goods Sold
Expense
(Some are in more than one but you only have to say one of them)
What financial statement does Service REVENUE appear in?
Statement of earnings / income statement
If a company pays cash before an expense is incurred, what type of adjusting entry is it?
Deferred Expense
Write-offs of uncollectible receivables, $41
What is the journal entry?
(DR) Allowance for uncollectible receivable - 41$
(CR) Accounts Receivable - 41$
What account type is Allowance for Uncollectible Accounts
Asset (Contra-Asset)
(Some are in more than one but you only have to say one of them)
What financial statement do Office Supplies appear on?
Statement of Financial Position
What is the inventory method in which this method assigns the cost of the oldest items to cost of goods
sold first.
FIFO Method (First In - First Out)