# Shared Flashcard Set

Chapter 02 H.W.
Accounting 01
26
Accounting
11/29/2015

## Additional Accounting Flashcards

Term
 Balance Sheet Accounts and Their Normal Balances:   Aset Liability Stockholders' Equity: Capital Stock Retained Earnings Dividends
Definition
 Asset - Debit Liability - Credit   Sotckholders' Equity: Capital Stock - Credit Retianed Earnings - Credit Dividends - Deibt
Term
 Income Statement Accounts and Their Normal Balances:   Revenue Expense
Definition
 Revenue - Credit Expenses - Debit
Term
 Normal Entries for Accounts   Accounts Payable
Definition
 Debit and Credit
Term
 Normal Entries for Accounts   Accounts Receivable
Definition
 Debit and Credit
Term
 Normal Entries for Accounts   Cash
Definition
 Debit and Credit
Term
 Normal Entries for Accounts   Fees Earned
Definition
 Credit Only
Term
 Normal Entries for Accounts   Insurance Expense
Definition
 Deibt Only
Term
 Normal Entries for Accounts   Dividends
Definition
 Debit Only
Term
 Normal Entries for Accounts   Utilities Expense
Definition
 Debit Only
Term
 Normal Balance for Accounts   Accounts Payable
Definition
 Credit
Term
 Normal Balance for Accounts   Accounts Receivable
Definition
 Debit
Term
 Normal Balance for Accounts   Capital Stock
Definition
 Credit
Term
 Normal Balance for Accounts   Cash
Definition
 Debit
Term
 Normal Balance for Accounts   Dividends
Definition
 Debit
Term
 Normal Balance for Accounts   Fees Earned
Definition
 Credit
Term
 Normal Balance for Accounts   Office Equipment
Definition
 Debit
Term
 Normal Balance for Accounts   Rent Expense
Definition
 Debit
Term
 Normal Balance for Accounts   Supplies
Definition
 Debit
Term
 Normal Balance for Accounts   Wages Expense
Definition
 Debit
Term
 During March, \$78,450 was paid to creditors on account, and purchases on account were \$100,420. Assuming the March 31 balance of Accounts Payable was \$33,730, determine the account balance on March 1.
Definition
 11,760   100,420 - 78,450 = 21,970 33,730 - 21,790 = 11,760
Term
 On July 1, the accounts receivable account balance was \$42,800. During July, \$372,400 was collected from customers on account. Assuming the July 31 balance was \$49,200, determine the fees billed to customers on account during July.
Definition
 378,800   372,400 - 42,800 = 329,600 329,600 + 49,200 = 378,800
Term
 On September 1, the cash account balance was \$22,600. During September, cash receipts totaled \$343,520 and the September 30 balance was \$16,270. Determine the cash payments made during September.
Definition
 349,850   343,520 + 22,600 = 366,120 366,120 - 16,270 = 349,850
Term
 Compute the negative balance of Retained Earnings (-\$15,800)
Definition
 Debit (negative) Retained Earning Balance.   If there is a loss in retained earnings, it is debited. If not, it is credited.
Term
 Net Income
Definition
 Net Income = Revenue - Expenses
Term
 Adjusting Entry for Supplies Expense
Definition
 Supplies Expense      \$xxxx        Supplies                  \$xxx
Term
 Retained Earnings (Equation)
Definition
 Retained Earnings = Net Income - Dividends
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