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
| Record the account number that the entry was posted to in the journal in the post reference column. |
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Definition
| Mike is posting journal entries to the General Ledger. He has just calculated the new account balance in the credit column for Sales. What is the NEXT step in the posting procedure? |
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Term
| Record an account number in the journal. |
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Definition
| William has almost finished updating the Supplies account at the end of the month. He has transferred all of the information in the General Journal to the General Ledger. What is the LAST step for William to do? |
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Term
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Definition
| A journal's column totals are General Debit, $500; General Credit, $200; Sales Credit, $350; Cash Debit, $1,000; Cash Credit, $950. This means that the: |
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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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Term
| Debit Utilities Expense, $250; credit Repairs Expense, $250 |
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Definition
| Bill James discovered that a transaction for Utilities Expense was journalized and posted in error as a debit to Repair Expense, $250. What is the entry to correct the error? |
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Term
| Debit Advertising Expense, $200; credit Miscellaneous Expense, $200 |
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Definition
| James discovered that a transaction for an Advertising Expense was journalized and posted in error as a debit to Miscellaneous Expense, $200. What is the entry to correct the error? |
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Term
| Debit Cash and credit Accounts Receivable/Bill's Limos |
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Definition
| What is the correct journal entry for the transaction, RECEIVED CASH ON ACCOUNT FROM BILL'S LIMOS FOR, $500? |
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Term
| Debit Cash and credit Accounts Receivable/Burke Supply |
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Definition
| What is the correct journal entry for the transaction, RECEIVED CASH ON ACCOUNT FROM BURKE SUPPLY FOR, $800? |
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Term
| Debit Rent Expense and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH FOR RENT, $1000? |
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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 Cash and credit Rental Fees |
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Definition
| What is the correct journal entry for the transaction, RECEIVED BIKE RENTAL FEES, $375? |
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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 Cash and credit Sales |
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Definition
| What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $250? |
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Term
| Debit Advertising Expense and credit Cash |
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Definition
| What is the correct entry for the transaction, PAID $150 FOR ADVERTISING? |
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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
| 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
| 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
| 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
| Write the title of the account debited in the Account Title column |
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Definition
| 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? |
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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
| 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
| 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
| Prepare the Liability section. |
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Definition
| Mary is preparing a Balance Sheet. What must she do after she completes the Assets section? |
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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
| 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 name of the company. |
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Definition
| 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? |
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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
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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
| 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
| 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
| 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
| 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
| Prepare the Liability section. |
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Definition
| Mary is preparing a Balance Sheet. What must she do after she completes the Assets section? |
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Term
| Prepare the Asset section. |
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Definition
| Mary is preparing a Balance Sheet. What must she do after she completes the heading information? |
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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
| 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
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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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