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Accounting Terms

Analyzing Accounting Concepts
Journalizing Transactions
State the DRs and CRs
Vocabulary
100
A business that performs an activity for a fee
What is a service business?
100
The account number is placed in the Post Rdf. column of the journal as the last step in the accounting procedure.
What is true?
100
Bought supplies, $130, using debit card.
What is DR Supplies $165, CR Cash $165
100
Received cash from owner, Brad Pitt,as an investment, $25,000.
What is DR Cash $25,000, Cr. Brad Pitt, Capital $25,000
100
An equation showing the relationship among assets, liabilities, and owner's equity.
What is an accounting equation.
200
A list of accounts used by a business
What is a Chart of Accounts
200
When the petty cash fund is replinished, the balance of the petty cash account increases?
What is false.
200
Paid $500 cash to owner, Brad Pitt, for personal use.
What is DR Brad Pitt, Drawing $500, CR Cash $500
200
Received cash from sales, $8500.
What is DR Cash $8500, CR Sales $8500
200
An accounting device used to analyze transactions.
What is a T account.
300
This represents a business that is owned by one person.
What is a proprietorship?
300
Temporary accounts must start each fiscal period with a zero balance?
What is true.
300
Sold services on account to Movie Props Inc., $1900.
What is Dr.Accts. Rec.-Movie Props $1900 , CR Sales $1900
300
Paid cash to establish a petty cash fund, $500.
What is DR Petty Cash $500, CR Cash $500
300
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
What is a Work Sheet.
400
A financial statement that reports assets, liabilities, and owner's equity on a specific date
What is a Balance Sheet?
400
The Net income on a work sheet is calculated by subtracting the Income Statement Credit column total from the Income Statement Debit column total.
What is false?
400
Bought supplies on account from Costumes Company, $3300.
What is DR Supplies $3300, CR Accts. Pay-Costumes Company $3300
400
Paid cash on account to Apple Inc. $7890.
What is DR Accts.Pay-Apple Inc. $7890, CR Cash $7890
400
Journal entries recorded to update general ledger accounts at the end of a fiscal period.
What is adjusting entries.
500
Accounts used to accumulate information until it is transferred to the owner's capital account.
What are temporary accounts?
500
Making adjustments to general ledger accounts is an application of the Matching Expenses with Revenue accounting concept.
What is false.
500
Received notice from the bank of a dishonored check from Jennifer Aniston, $660, plus $30 fee, total $630.
What is DR Accts. Rec.-Jennifer Aniston $630, CR Cash $630
500
Paid cash to replenish the petty cash fund, $300: Supplies $200, Miscellaneous Expense, $100
What is DR Supplies $200, DR Miscellaneous Expense $100, CR Cash $300
500
A trial balance prepared after the closing entries are posted.
What is Post-Closing Trial Balance