A single owner's equity account used for the investment of all owners
What is Capital Stock?
100
Used to plan adjustments and sort financial statement information
What is a work sheet?
100
The account that must be adjusted to reflect the changes resulting from purchases and sales during a fiscal period
What is Merchandise Inventory?
100
When the debit column of the Income Statement is larger than the credit column
What is net loss?
100
An amount earned by a corporation and not yet distributed to stockholders
What is retained earnings?
200
This stockholders' equity account has a normal debit balance
What is Dividends?
200
Preparing a work sheet at the end of each fiscal period is an application of this accounting concept
What is Accounting Period Cycle?
200
A temporary account used to adjust the Merchandise Inventory account at the end of a fiscal period.
What is Income Summary?
200
Federal Income Tax less total of Quarterly Tax Installments
What is Federal Income Tax Adjustment?
200
Action by a board of directors to distribute corporate earnings to stockholders
What is Declaring a Dividend?
300
Owner's Equity accounts for a corporation normally are listed under this chart of accounts division
What is Stockholder's Equity?
300
Recording expenses in the fiscal period in which the expenses contribute to earning revenue is an application of this accounting concept
What is Matching Expenses with Revenue?
300
A related contra account to its related asset account, Accounts Receivable
What is Allowance for Uncollectible Accounts?
300
Different tax percentages are applied to different portions of the net income to determine this...
What is the Federal Income Tax owed?
300
The difference between an asset's account balance and its related contra account balance
What is book value?
400
Earnings distributed to stockholders
What are dividends?
400
An account that reduces a related account
What is a contra account?
400
Journal entries made to bring general ledger accounts up to date
What is adjusting entries?
400
The two accounts used to adjust the Federal Income tax
What are Federal Income Tax Expense and Federal Income Tax Payable?
400
The amount an owner expects to receive when a plant asset is removed from use
What is Estimated Salvage Value?
500
Each unit of ownership in a corporation
What is a share of stock?
500
Reported on the balance sheet, thisaccount represents the total amount of accounts receivable the business expects to collect in the future
What is the Book Value of Accounts Receivable?
500
The difference between the office supplies on hand at the end of the year and the office supplies on hand at the beginning of the year plus the office supplies purchased during the year
What is Office Supplies Expense?
500
Used to total and rule the worksheet
What are double lines?
500
Charging an equal amount of depreciation expense for a plant asset in each year of useful life