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Vocabulary
Application
Misc.
100
Only the accounts that have __________ are listed on the post-closing trial balance.
What are balances?
100
The account that balances from temporary accounts are transferred to this account at the end of the fiscal period
What is the capital account?
100
The journal entry to adjust supplies.
What is debit supplies expense credit supplies
200
Accounts that have balances after closing entries have been posted.
What are permanent accounts?
200
Post-Closing trial balance is intended to do this.
What is ensure debits and credits are equal?
200
The entry to close income summary when there is a net income.
What is debit income summary and credit credit owner's capital?
300
Journal entries recorded to prepare temparary accounts for a new fiscal period
What are closing entries?
300
The entry to adjust prepaid insurance.
Debit insurance expense; credit prepaid insurance?
300
Income summary is this type of account.
What is a temporary account?
400
Accounts that are closed at the end of the fiscal period
What are temporary accounts?
400
Columns of the worksheet where we find the information to prepare closing entries.
What are income statement and balance sheet columns
400
The work sheet is prepared at the end of each fiscal period to summarize general ledger information needed to prepare financial statements (CONCEPT)
What is accounting period cycle?
500
Adjustments are analyzed and planned on this.
What is a worksheet?
500
The journal entry to close an expense account
What is debit income summary and credit the expense account?
500
Involves reporting expenses in the same fiscal period that they are used (CONCEPT)
What is matching expenses with revenue?