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Adjusting Journal Entries
Debit or Credit?
Transactions
Classify Me
RANDOM!
100
Note Receivable, $6,000, 6%, Issued September 1. AJE at December 31:
What is a debit to Interest Receivable for $120 and a credit of $120 to Interest Revenue.
100
The normal balance for Sales Returns and Allowances
What is a debit
100
Purchased inventory on account
What is a debit to inventory and a credit to accounts payable.
100
Loss on sale of equipment
What is an "Other Revenue & Expense"
100
The five colors of the Olympic rings
What are red, yellow, green, blue, and black
200
Unadjusted Balance for Allowance for Doubtful Accounts: Credit balance $5,500 Desired ending balance: $12,000 AJE at December 31
What is a Debit to Bad Debt Expense of $6,500 and a credit to allowance for doubtful account of $6,500.
200
To record an increase in Allowance for Doubtful Accounts?
What is a credit
200
Bought supplies on account
What is a debit to supplies and a credit to accounts payable?
200
Accumulated Depreciation
What is Property, Plant and Equipment
200
An accounting period consisting of 12 consecutive months in a row
What is a fiscal year?
300
Unearned Service Revenue balance: $4,000 60% Revenue earned throughout the year. AJE at December 31:
What is a debit to Unearned Service Revenue $2,400 and a credit to Service Revenue of $2,400.
300
To record a payment received from a customer on their account receivable balance
What is a credit
300
What is the capital of Australia?
Canberra
300
Paid-in-Capital in excess of Par
What is Stockholders' Equity
300
This movie is based on a Marvel Comics series featuring the young Charles Xavier:
What is X-Men: First Class
400
Asset Cost: $5,000, 10 year useful life, Purchased Jan. 1 Straight-line depreciation Depreciation Expense at year end
What is a debit to Depreciation Expense of $500 and a credit to Accumulated Depreciation of $500.
400
The longest river in the world
What is The Nile River
400
Declared stockholders dividends
What is a debit to dividends and a credit to dividends payable?
400
Trademarks
What is an Intangible.
400
Total Inventory Cost: $120,000 Total Number of Units: 60,000 Average Cost:
What is $2 per unit
500
Supplies Beginning Balance: $1,200 Supplies Ending Balance: $440 AJE amount at December 31:
What is a debit to Supplies Expense for $760, Credit to Supplies $760
500
Accounting basis that recognizes revenues when earned and expenses when incurred
What is Accrual Basis of Accounting?
500
Completed services that were paid for in advance.
What is a debit to unearned revenue and a credit to revenue?
500
Unearned Service Revenue
What is a current liability.
500
Total equity= 14,000 Net Income = 7,000 Beg. Retained Earnings=3,000 Dividends= 1,000 Common Stock = ? Ending Retained Earnings = ?
What is common stock = $5,000 Ending Retained Earnings= $9,000