This changes the balance of general ledger accounts on the worksheet.
What is an adjustment?
100
The debit account for sold services on account to Liz Smith
What is Accounts Receivable - Liz Smith?
100
Accounting procedures are followed in the same way in each accounting period.
What is Consistent Reporting
100
The account classification for Cash
What is Asset?
100
The account classification for Advertising Expense
What is Expense or Owner's Equity?
200
This financial statement shows the net income or net loss for an accounting period.
What is an income statement.
200
If the Supplies account has a balance of $254.00 on August 31, what is the balance in the Supplies account on September 1?
What is $254.00?
200
Changes in financial infoation are reported for a specific period of time in the form of financial statements.
What is Accounting Period Cycle?
200
The account classification for Prepaid Insurance
What is Asset
200
The account classification for Sales
What is Revenue?
300
This financial statement proves the accounting equation is balanced.
What is a Balance Sheet?
300
The supplies account balance on August 31 represents the supplies on hand on August 1 and _____________________________________________.
What is the supplies purchased throughout the month?
300
The account classification for Drawing
What is Owner's Equity?
300
Name the credit account when supplies are bought on account from Supply Depot.
What is Accounts Payable - Supply Depot?
400
Revenues - Expenses when Revenues are greater
What is Net Income?
400
On August 1, Prepaid Insurance has a balance of $3000.00. The balance on August 31 is $2800.00. What will be the amount of the adjustment?
What is $200.00?
400
Expenses should be recorded in the same fiscal period in which they were used to earn revenues.
What is Matching Expenses with Revenues?
400
The debit account when cash is received from sales
What is Cash?
400
This is how long you have to reconcile your bank statement after receiving it.
What is 72 hours?
500
Revenues - Expenses when Expenses are greater
What is Net Loss?
500
The totals of the Income Statement Credit column and the Income Statement Debit column are $44,832.50 and $28,961.00 respectively. The difference is referred to as __________.
What is Net Income?
500
Financial information on financial statements must be recorded in common units of measurement.
What is Unit of Measurement?
500
The first 4 steps in the accounting cycle
What is Analyze, Journalize, Post and Create a Work Sheet?
500
Columns on the worksheet that verify the equality of debits and credits in the general ledger