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Unit 2
Unit 2 review
40
Accounting
12/15/2011

Term
 Net income of \$400.
Definition
 On a worksheet, the Income Statement credit total is \$1,200 and the Income Statement debit total is \$800. The company has a:
Term
 Net income of \$150.
Definition
 The ABC Manufacturing Company's Income Statement worksheet shows total debits of \$600 and total credits of \$750. ABC Manufacturing Company has a:
Term
 Net loss of \$250.
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:
Term
 Calculate the component percentages.
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?
Term
 Double rule across both amount columns.
Definition
 When preparing an Income Statement, after all account total debits and credits are entered correctly, verified and totaled, what is the next step?
Term
 Write the balance of each expense account.
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?
Term
 The Total Assets should equal Total Liabilities plus Owner's Equity.
Definition
 Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result be?
Term
 Supplies Expense and credit Supplies \$1,500
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:
Term
 Supplies Expense and credit Supplies \$1,500.
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:
Term
 Insurance Expense and credit Prepaid Insurance \$1,200.
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:
Term
 Insurance Expense and credit Prepaid Insurance \$2,200.
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:
Term
 12%
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 - \$175In Scenario 2.02 B, what is the component percentage for Rent Expense?
Term
 2.3%
Definition
 In Scenario 2.02 B, what is the component percentage for Utilities Expense?
Term
 46.3%
Definition
 In Scenario 2.02 B, what is the component percentage for Total Expenses?
Term
 53.7%
Definition
 In Scenario 2.02 B, what is the component percentage for Net Income?
Term
 Record the debit amount in the General Debit column
Definition
 In preparing adjustment entries for his company, Steve has written "Insurance Expense" in the Account Title column. What will he do NEXT?
Term
 Journalize an entry to close income statement accounts that have a debit balance
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?
Term
 Journalize an entry to close the owner's drawing account
Definition
 Mary is preparing the closing entries for her company. After she has closed the Income Summary account, what will she do NEXT?
Term
 Write the account titles of all general ledger accounts that have balances in the Account Title column
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?
Term
 Rule a single line below the last amount in each column
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?
Term
 Income Summary, and credit Owner's Equity, \$900.
Definition
 James is closing the income summary account. His company had a net income of \$900. The correct journal entry is to debit:
Term
 Owner's equity, and credit Income Summary, \$2,000.
Definition
 Mary is closing the income summary account. Her company had a net loss of \$2,000. The correct journal entry is to debit:
Term
 Owner's equity account, credit drawing account for \$275.
Definition
 The owner's drawing account has a balance of \$275. The correct entry to close the drawing account would be to debit:
Term
 Income Summary and credit Advertising Expense
Definition
 When closing the Advertising Expense account, debit:
Term
 Debit Supplies and credit Cash
Definition
 What is the correct journal entry for the transaction, PAID CASH FOR COMPUTER PAPER?
Term
 Debit Supplies and credit Cash
Definition
 What is the correct journal entry for the transaction, PAID CASH FOR PRINTER CARTRIDGES?
Term
 Debit Miscellaneous Expense and credit Cash
Definition
 What is the correct journal entry for the transaction PAID CASH FOR MISCELLANEOUS EXPENSE, \$400?
Term
 Debit Miscellaneous Expense and credit Cash
Definition
 What is the correct journal entry for the transaction PAID CASH FOR A DELIVERY (MISCELLANEOUS EXPENSE), \$25?
Term
 Debit Repair Expense and credit Cash
Definition
 What is the correct journal entry for the transaction, PAID CASH FOR REPAIRS, \$95?
Term
 Debit Cash and credit Dana Jackson, Capital
Definition
 What is the correct journal entry for the transaction, RECEIVED CASH FROM OWNER DANA JACKSON AS INVESTMENT, \$5000? (
Term
 Debit Cash and credit HANS SCHMIDT, Capital
Definition
 What is the correct entry for the transaction, HANS SCHMIDT INVESTED \$2000 OF HIS OWN MONEY INTO THE BUSINESS?
Term
 Debit Utilities Expense and credit Cash
Definition
 What is the correct journal entry for the transaction, PAID THE GAS BILL, \$125?
Term
 Debit Utilities Expense and credit Cash
Definition
 What is the correct journal entry for the transaction, PAID THE TELEPHONE BILL, \$125?
Term
 Debit Accounts Payable/Jones Supply and credit Cash
Definition
 What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO VENDOR JONES SUPPLY, \$1000?
Term
 Debit Accounts Payable/Avis Supply Company and credit Cash
Definition
 What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY, \$500?
Term
 Debit John Smith, Drawing and credit Cash
Definition
 What is the correct journal entry for the transaction, PAID CASH TO JOHN SMITH, OWNER FOR PERSONAL USE, \$500
Term
 Debit Mark Johnson, Drawing and credit Cash
Definition
 What is the correct journal entry for the transaction, PAID CASH TO MARK JOHNSON, OWNER FOR PERSONAL USE, \$900?
Term
 Debit Supplies and credit Accounts Payable/Steinman Company
Definition
 What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM STEINMAN COMPANY, \$75?
Term
 Debit Supplies and credit Accounts Payable/Jones Supply Company
Definition
 What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM JONES SUPPLY COMPANY, \$250?
Term
 Journal does not prove.
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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