Show:
Financial Statements
Adjusting/Closing Entries
Posting
100
What does an income statement show?
What is revenue and expense
100
What are adjusting entries?
What is journal entries recorded to update general ledger accounts at the end of a fiscal period
100
True or False. Are daily general ledger account balances usually not necessary?
What is True
200
What are the four sections of an income statement for a service business?
What is heading, revenue, expenses, net income
200
Where are two places the adjusting entries entered in?
What is General Debit and General Credit
300
How do you calculate net income?
What is Total revenue minus Total expenses
300
What types of accounts are used to post adjusting and closing entries to the general ledger?
What is T accounts
400
What two components are used to make the revenue column?
What is Account Title column and Income Statement Credit column
400
What are entries used to prepare accounts for a new fiscal period?
What is closing entries
500
How do you calculate component percentage?
What is dividing the amount of each component by the total amount of sales
500
How do u close a temporary account?
What is an amount equal to its balance is recorded in the account on the side opposite to its balance.