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Financial Statements
Transactions
Adjustments
Journal Entries
Anything Goes
100
This statement consist of the Accounting Equations accounts.
What is the Balance Sheet or Statement of Financial Position.
100
The accounts with a Credit Normal Balance
What are the Revenue, Shareholder (Owner's ) Equity, and Liability Accounts
100

The term for taking accounts from the adjusted trial balance to the appropriate financial statement on the work sheet

What is Extending.

100
Issued Common stock for $50,000, what are the 2 accounts identified?
What is Common Stock and Cash
100
Left side of an account
What is Debit
200
The order in which financial statements are performed. (Do not include the Statement of Cash Flow)
What are the Income Statement, Statement of Retained Earnings and Balance Sheet
200

List the heading for each account type on the Chart of Accounts

What is Assets 1, Liability 2, Equity 3, Revenue 4 and Expense 5

200

Name the type of accounts that require adjustments at the end of the period.

What are merchandise inventory, supplies, insurance and income tax

200
One month of depreciation on Equipment, $1200 per year
What is Depeciation Expense $100 Accumulated Depreciation (Equip) $100
200

The Business Club at HHS

What is BPA?

300
The statement that contains the Dividend account
What is Statement of Retained Earnings
300
Grouping of accounts
What is the Ledger
300
The 2 statements that adjusting entries affects
What is Income Statement (Revenue or Expense) and Balance Sheet (Asset or Liability)
300
Suplies that have been used, $300
What is Supply Expense $300 Supplies $300
300
Four types of businesses covered in Chapter 1
What are Proprietorships, Partnerships, LLCs and Corporations
400
The three basic types of business activities
What is Operating, Investing and Financing
400
The list of all accounts with their balances is the
What is the Trial Balance
400

The permanent accounts

What are Assets, Liabilities and Stockholder (Owner) Equity

400
Received $500 to paint house next month
What is Cash $500 Unearned Revenue $500
400
Professional guidelines for accounting
What is Generally Accepted Accounting Principles (GAAP)
500
Name the 3 Period Statements
What are the Statement of Retained Earnings, Statement of Cash Flow and the Income Statement (Statement of Operations)
500
The four steps of the accounting cycle covered to date...
What is 1. Analyze, 2. Record (Journal), 3. Post and 4. Adjust
500

The permanent account that closing entries are posted to

What is Income Summary

500

Close the following period accounts Telephone Expense $1,600 Salary Expense $20,000

What is Income summary $21,600 Telephone Expen $ 1,600 Salary Expense $20,000

500

Deadline for filing individual taxes this year

What is April 15, 2021