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Unit 2 Review
Accounting 1 Study Guide
40
Accounting
12/13/2011

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Term
On a worksheet, the Income Statement credit total is $1,200 and the Income Statement debit total is $800. The company has a:
Definition
Net income of $400.
Term
The ABC Manufacturing Company's Income Statement worksheet shows total debits of $600 and total credits of $750. ABC Manufacturing Company has a:
Definition
Net income of $150.
Term
On a worksheet, the Income Statement credit total is $2,150 and the Income Statement debit total is $2,400. The company has a:
Definition
Net loss of $250.
Term
Samuel was asked to prepare a financial statement to determine whether or not the costs of doing business exceeded the revenue during the past year. What is the LAST Samuel will do in preparing this statement?
Definition
Calculate the component percentages.
Term
When he applied for a bank loan, Robert was asked by the bank to develop a financial statement that would show the financial health of his business as of March 31. What is the FIRST step Robert will do to prepare this statement?
Definition
Write the name of the company.
Term
When preparing an Income Statement, after all account total debits and credits are entered correctly, verified and totaled, what is the next step?
Definition
Double rule across both amount columns.
Term
John is preparing an Income Statement. He has written the titles of each expense account in the Expenses Section. What should John do NEXT?
Definition
Write the balance of each expense account.
Term
Mary is preparing a Balance Sheet. What must she do after she completes the heading information?
Definition
Prepare the Asset section.
Term
Mary is preparing a Balance Sheet. What must she do after she completes the Assets section?
Definition
Prepare the Liability section.
Term
Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result be?
Definition
The Total Assets should equal Total Liabilities plus Owner's Equity.
Term
If the beginning supplies balance is $2,200, and the ending supplies balance is $700, the correct adjustment on the work sheet is to debit:
Definition
Supplies Expense and credit Supplies $1,500.
Term
If the beginning supplies balance is $1,800, and the ending supplies balance is $300, the correct adjustment on the work sheet is to debit:
Definition
Supplies Expense and credit Supplies $1,500.
Term
If the beginning prepaid insurance balance is $2,000, and the ending value of the insurance is $800, the correct adjustment on the work sheet is to debit:
Definition
Insurance Expense and credit Prepaid Insurance $1,200.
Term
If the beginning prepaid insurance balance is $3,400, and the ending value of the insurance is $1,200, the correct adjustment on the work sheet is to debit:
Definition
Insurance Expense and credit Prepaid Insurance $2,200.
Term
On the last day of April, Jack prepared the adjusting entries for his company. He has written "Adjusting Entries" in the Account Title column and recorded April 30 in the date column. What will Jack do NEXT?
Definition
Write the title of the account debited in the Account Title column
Term
In preparing adjustment entries for his company, Steve has written "Insurance Expense" in the Account Title column. What will he do NEXT?
Definition
Record the debit amount in the General Debit column
Term
Michael is preparing the closing entries for his company. He has closed all the income statement accounts that have a credit balance. What is the NEXT step that he will perform?
Definition
Journalize an entry to close income statement accounts that have a debit balance
Term
Mary is preparing the closing entries for her company. After she has closed the Income Summary account, what will she do NEXT? (NCCTE.9_12.BE.6311.CA02.03)
Definition
Journalize an entry to close the owner's drawing account
Term
Steve is preparing the Post-Closing Trial Balance. After he has written "Post Closing Trial Balance" in the heading section, what will he do NEXT?
Definition
Write the account titles of all general ledger accounts that have balances in the Account Title column
Term
Adam is preparing the Post-Closing Trial Balance. He has recorded all the account balances in the correct column. What will he do NEXT?
Definition
Rule a single line below the last amount in each column
Term
James is closing the income summary account. His company had a net income of $900. The correct journal entry is to debit:
Definition
Income Summary, and credit Owner's Equity, $900.
Term
Mary is closing the income summary account. Her company had a net loss of $2,000. The correct journal entry is to debit:
Definition
Owner's equity, and credit Income Summary, $2,000.
Term
The owner's drawing account has a balance of $275. The correct entry to close the drawing account would be to debit:
Definition
Owner's equity account, credit drawing account for $275.
Term
When closing the Advertising Expense account, debit:
Definition
Income Summary and credit Advertising Expense
Term
What is the correct journal entry for the transaction, PAID CASH FOR COMPUTER PAPER?
Definition
Debit Supplies and credit Cash
Term
What is the correct journal entry for the transaction, PAID CASH FOR PRINTER CARTRIDGES? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Supplies and credit Cash
Term
What is the correct journal entry for the transaction PAID CASH FOR MISCELLANEOUS EXPENSE, $400?
Definition
Debit Miscellaneous Expense and credit Cash
Term
What is the correct journal entry for the transaction PAID CASH FOR A DELIVERY (MISCELLANEOUS EXPENSE), $25?
Definition
Debit Miscellaneous Expense and credit Cash
Term
What is the correct entry for the transaction, PAID $150 FOR ADVERTISING?
Definition
Debit Advertising Expense and credit Cash
Term
What is the correct entry for the transaction, PAID CASH FOR NEWSPAPER ADVERTISEMENT, $200?
Definition
Debit Advertising Expense and credit Cash
Term
What is the correct journal entry for the transaction, PAID CASH FOR AN OFFICE DESK, $250?
Definition
Debit Office Equipment and credit Cash
Term
What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $250?
Definition
Debit Cash and credit Sales
Term
What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $150?
Definition
Debit Cash and credit Sales
Term
What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $200?
Definition
Debit Prepaid Insurance and credit Cash
Term
What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $400?
Definition
Debit Prepaid Insurance and credit Cash
Term
What is the correct journal entry for the transaction, PAID CASH FOR REPAIRS, $95?
Definition
Debit Repair Expense and credit Cash
Term
What is the correct journal entry for the transaction, PAID CASH TO REPAIR OFFICE EQUIPMENT, $250?
Definition
Debit Repair Expense and credit Cash
Term
What is the correct journal entry for the transaction, RECEIVED CASH FROM OWNER DANA JACKSON AS INVESTMENT, $5000?
Definition
Debit Cash and credit Dana Jackson, Capital
Term
What is the correct entry for the transaction, HANS SCHMIDT INVESTED $2000 OF HIS OWN MONEY INTO THE BUSINESS?
Definition
Debit Cash and credit HANS SCHMIDT, Capital
Term
What is the correct journal entry for the transaction, PAID THE GAS BILL, $125? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Utilities Expense and credit Cash