Term
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Definition
| On a worksheet, the Income Statement credit total is $1,200 and the Income Statement debit total is $800. The company has a: |
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Term
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Definition
| The ABC Manufacturing Company's Income Statement worksheet shows total debits of $600 and total credits of $750. ABC Manufacturing Company has a: |
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Term
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Definition
| On a worksheet, the Income Statement credit total is $2,150 and the Income Statement debit total is $2,400. The company has a: |
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Term
| Calculate the component percentages. |
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Definition
| 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? |
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Term
| Double rule across both amount columns. |
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Definition
| When preparing an Income Statement, after all account total debits and credits are entered correctly, verified and totaled, what is the next step? |
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Term
| Write the balance of each expense account. |
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Definition
| John is preparing an Income Statement. He has written the titles of each expense account in the Expenses Section. What should John do NEXT? |
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Term
| The Total Assets should equal Total Liabilities plus Owner's Equity. |
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Definition
| Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result be? |
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Term
| Supplies Expense and credit Supplies $1,500 |
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Definition
| 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: |
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Term
| Supplies Expense and credit Supplies $1,500. |
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Definition
| 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: |
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Term
| Insurance Expense and credit Prepaid Insurance $1,200. |
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Definition
| 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: |
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Term
| Insurance Expense and credit Prepaid Insurance $2,200. |
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Definition
| 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: |
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Term
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Definition
Jackson Company has Sales of $7,500. The company has the following expenses:
Advertising Expense - $1,300
Insurance Expense - $850
Rent Expense - $900
Supplies Expense - $250
Utilities Expense - $175
In Scenario 2.02 B, what is the component percentage for Rent Expense? |
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Term
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Definition
| In Scenario 2.02 B, what is the component percentage for Utilities Expense? |
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Term
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Definition
| In Scenario 2.02 B, what is the component percentage for Total Expenses? |
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Term
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Definition
| In Scenario 2.02 B, what is the component percentage for Net Income? |
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Term
| Record the debit amount in the General Debit column |
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Definition
| In preparing adjustment entries for his company, Steve has written "Insurance Expense" in the Account Title column. What will he do NEXT? |
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Term
| Journalize an entry to close income statement accounts that have a debit balance |
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Definition
| 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? |
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Term
| Journalize an entry to close the owner's drawing account |
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Definition
| Mary is preparing the closing entries for her company. After she has closed the Income Summary account, what will she do NEXT? |
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Term
| Write the account titles of all general ledger accounts that have balances in the Account Title column |
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Definition
| 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? |
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Term
| Rule a single line below the last amount in each column |
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Definition
| Adam is preparing the Post-Closing Trial Balance. He has recorded all the account balances in the correct column. What will he do NEXT? |
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Term
| Income Summary, and credit Owner's Equity, $900. |
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Definition
| James is closing the income summary account. His company had a net income of $900. The correct journal entry is to debit: |
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Term
| Owner's equity, and credit Income Summary, $2,000. |
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Definition
| Mary is closing the income summary account. Her company had a net loss of $2,000. The correct journal entry is to debit: |
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Term
| Owner's equity account, credit drawing account for $275. |
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Definition
| The owner's drawing account has a balance of $275. The correct entry to close the drawing account would be to debit: |
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Term
| Income Summary and credit Advertising Expense |
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Definition
| When closing the Advertising Expense account, debit: |
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Term
| Debit Supplies and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH FOR COMPUTER PAPER? |
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Term
| Debit Supplies and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH FOR PRINTER CARTRIDGES? |
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Term
| Debit Miscellaneous Expense and credit Cash |
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Definition
| What is the correct journal entry for the transaction PAID CASH FOR MISCELLANEOUS EXPENSE, $400? |
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Term
| Debit Miscellaneous Expense and credit Cash |
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Definition
| What is the correct journal entry for the transaction PAID CASH FOR A DELIVERY (MISCELLANEOUS EXPENSE), $25? |
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Term
| Debit Repair Expense and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH FOR REPAIRS, $95? |
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Term
| Debit Cash and credit Dana Jackson, Capital |
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Definition
| What is the correct journal entry for the transaction, RECEIVED CASH FROM OWNER DANA JACKSON AS INVESTMENT, $5000? ( |
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Term
| Debit Cash and credit HANS SCHMIDT, Capital |
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Definition
| What is the correct entry for the transaction, HANS SCHMIDT INVESTED $2000 OF HIS OWN MONEY INTO THE BUSINESS? |
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Term
| Debit Utilities Expense and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID THE GAS BILL, $125? |
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Term
| Debit Utilities Expense and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID THE TELEPHONE BILL, $125? |
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Term
| Debit Accounts Payable/Jones Supply and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO VENDOR JONES SUPPLY, $1000? |
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Term
| Debit Accounts Payable/Avis Supply Company and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY, $500? |
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Term
| Debit John Smith, Drawing and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH TO JOHN SMITH, OWNER FOR PERSONAL USE, $500 |
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Term
| Debit Mark Johnson, Drawing and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH TO MARK JOHNSON, OWNER FOR PERSONAL USE, $900? |
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Term
| Debit Supplies and credit Accounts Payable/Steinman Company |
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Definition
| What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM STEINMAN COMPANY, $75? |
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Term
| Debit Supplies and credit Accounts Payable/Jones Supply Company |
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Definition
| What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM JONES SUPPLY COMPANY, $250? |
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Term
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Definition
| A journal's column totals are General Debit, $500; General Credit, $200; Sales Credit, $750; Cash Debit, $1,000; Cash Credit, $600. This means that the: |
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