R E I D
What does the R in R E I D stand for?
Revenue
When closing Revenue you:
DEBIT Sales
CREDIT Income Summary
Is the journal entry for Supplies Expense a debit or credit when you adjust it?
DEBIT
Assets =
Liabilities + Owner's Equity
How many Star Wars movies are there?
12
What does the E in R E I D stand for?
Expenses
When closing Expenses you:
CREDIT Expenses
DEBIT Income Summary
If you DEBIT Supplies Expense, what account gets a CREDIT?
Supplies
Name me as many Assets as you can:
Cash / Petty Cash / Accounts Receivable / Supplies / Prepaid Insurance
What is the middle part of a bee's body called?
The thorax
What does the I in R E I D stand for?
Income Summary
When closing the Income Summary you:
DEBIT Income Summary
CREDIT Owner's Capital
Is the journal entry for Insurance Expense a debit or credit when you adjust it?
DEBIT
What account is a liability account?
Accounts Payable
What day is Tax Day?
April 15
What does the D in R E I D stand for?
Drawing
When closing the Drawing Account you:
CREDIT Drawing
DEBIT Owner's Capital
If you DEBIT Insurance Expense, what account gets a CREDIT?
Prepaid Insurance
What account is your Owner's Equity account?
Capital (Moriah Steinberger, Capital)
How many elementary schools does CASD have?
13
What does R E I D stand for?
Revenue, Expenses, Income Summary, Drawing
What balance does an account have after you close it?
Zero
Why do we need to adjust our journal entries?
It shows the most up-to-date balance at the end of the fiscal period.
Should DEBITS = CREDITS on your Post-closing Trial Balance?
YES!!!!
What sang "Livin' on a Prayer"?
Bon Jovi