Shared Flashcard Set

Details

Unit 2
unit 2
40
Accounting
12/14/2011

Additional Accounting Flashcards

 


 

Cards

Term
Sam is preparing an Income Statement from the Work Sheet in Group Material 2.02 C. What is the component percentage for Net Income? (NCCTE.9_12.BE.6311.CA02.02)
Definition
33.3%
Term
Sam is preparing a Balance Sheet from the Work Sheet in Group Material 2.02 C. What are the Total Assets for the Balance Sheet? (NCCTE.9_12.BE.6311.CA02.02)
Definition

$2,900

Term
Sam is preparing a Balance Sheet from the Work Sheet in Group Material 2.02 C. What are the Total Liabilities for the Balance Sheet? (NCCTE.9_12.BE.6311.CA02.02)
Definition
$975
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? (NCCTE.9_12.BE.6311.CA02.03)
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? (NCCTE.9_12.BE.6311.CA02.03)
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? (NCCTE.9_12.BE.6311.CA02.03)
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? (NCCTE.9_12.BE.6311.CA02.03)
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? (NCCTE.9_12.BE.6311.CA02.03)
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: (NCCTE.9_12.BE.6311.CA02.03)
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: (NCCTE.9_12.BE.6311.CA02.03)
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: (NCCTE.9_12.BE.6311.CA02.03)
Definition

Owner's equity account, credit drawing account for $275.

Term
When closing the Advertising Expense account, debit: (NCCTE.9_12.BE.6311.CA02.03)
Definition
Income Summary and credit Advertising Expense
Term
What is the correct journal entry for the transaction, PAID CASH FOR COMPUTER PAPER? (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 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? (NCCTE.9_12.BE.6311.CA02.01)
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? (NCCTE.9_12.BE.6311.CA02.01)

Definition
Debit Miscellaneous Expense and credit Cash
Term

What is the correct entry for the transaction, PAID $150 FOR ADVERTISING? (NCCTE.9_12.BE.6311.CA02.01)

Definition
Debit Advertising Expense and credit Cash
Term
What is the correct entry for the transaction, PAID CASH FOR NEWSPAPER ADVERTISEMENT, $200? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Advertising Expense and credit Cash
Term
What is the correct journal entry for the transaction, PAID CASH FOR AN OFFICE DESK, $250? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Office Equipment and credit Cash
Term
What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $250? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Cash and credit Sales
Term
What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $150? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Cash and credit Sales
Term
What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $200? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Prepaid Insurance and credit Cash
Term
What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $400? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Prepaid Insurance and credit Cash
Term
What is the correct journal entry for the transaction, PAID CASH FOR REPAIRS, $95? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Repair Expense and credit Cash
Term
What is the correct journal entry for the transaction, PAID CASH TO REPAIR OFFICE EQUIPMENT, $250? (NCCTE.9_12.BE.6311.CA02.01)
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? (NCCTE.9_12.BE.6311.CA02.01)
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? (NCCTE.9_12.BE.6311.CA02.01)
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

Term
What is the correct journal entry for the transaction, PAID THE TELEPHONE BILL, $125? (NCCTE.9_12.BE.6311.CA02.01)
Definition

Debit Utilities Expense and credit Cash

Term
What is the correct journal entry for the transaction, RECEIVED BIKE RENTAL FEES, $375? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Cash and credit Rental Fees
Term

What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $2500? (NCCTE.9_12.BE.6311.CA02.01)

Definition
Debit Cash and credit Sales
Term
What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO VENDOR JONES SUPPLY, $1000? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Accounts Payable/Jones Supply and credit Cash
Term
What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY, $500? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Accounts Payable/Avis Supply Company and credit Cash
Term
What is the correct journal entry for the transaction, PAID CASH TO JOHN SMITH, OWNER FOR PERSONAL USE, $500? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit John Smith, Drawing and credit Cash
Term
What is the correct journal entry for the transaction, PAID CASH TO MARK JOHNSON, OWNER FOR PERSONAL USE, $900? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Mark Johnson, Drawing and credit Cash
Term
What is the correct journal entry for the transaction, PAID CASH FOR RENT, $700? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Rent Expense and credit Cash
Term
What is the correct journal entry for the transaction, PAID CASH FOR RENT, $1000? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Rent Expense and credit Cash
Term
What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM STEINMAN COMPANY, $75? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Supplies and credit Accounts Payable/Steinman Company
Term
What is the correct journal entry for the transaction, RECEIVED CASH ON ACCOUNT FROM BURKE SUPPLY FOR, $800? (NCCTE.9_12.BE.6311.CA02.01)
Definition
Debit Cash and credit Accounts Receivable/Burke Supply