Show:
Income Statement
General Journal
Transactions
Debits/Credits
Accounting Cycle
100
Income statements incude revenue and ____________
What is expenses
100
This is what is on the left column of a journal
What is debit entry
100
In the transaction: sold merchandise for cash, cash will have this type of entry
What is Debit
100
Debits are on the logged on the ________ of the 'T' account.
Left
100
What is the Accounting Equation?
Assets = Liabilities + Owner's Equity
200
Revenues and expenses are listed on the
What is Income Statement
200
This is what is entered in the first row of a Journal
What is Date
200
In the transaction: Borrowed money, Note payable will have this type of entry
What is Credit
200
In the transaction: 'Sold merchandise for cash', cash would have a _________ entry.
Debit
200
If liabilities increase, what would assets normally do when involved in the same transaction?
Assets - Increase
300
Permanent account are...
What are accounts that hold balances over accounting cycles
300
This entry should be indented a little to the right
What is Credit entry
300
In the transaction: Paid note, this account will have a debit entry
What is Note Payable
300
In the transaction: 'collected on Accounts Receivable', Acct Rec would have a _________ entry.
Credit
300
When are adjusting entries are completed?
End of the cycle/period and before the financial statements
400
What type of accounts need to be closed with closing entries?
Temporary accounts
400
Closing entries are necessary to update the:
What is retained earnings
400
In the transaction: Purchased inventory on account, this account will have a debit entry
What is Inventory
400
In the transaction: 'Paid dividend', Retained Earnings would have a _________ entry.
Debit
400
A firm issued stock for cash. How would this affect the accounting equation?
Assets Increase; OE Increase
500
This is what an Income Statement shows
Net Income (loss)
500
This is the definition of Adjusting entries
What is internal entry made to adjust the accounts for internal events prior to preparing financial statements
500
In the transaction: Paid dividend, this account will have a debit entry
What is Retained Earnings
500
What is increase side for Owner's Equity?
Credit
500
the last step in the accounting cycle is to prepare:
post-closing trial balance