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Accounting chapter 1-4

On which financial statement will income summary be shown?
No financial statement
What account would be classified as a current asset on the balance sheet?
Accounts receivable.
The balance sheet should be prepared…
After the income statement and the statement of retained earnings
When a work sheet is complete, the adjusted columns should have
Total debits = total credits.
An initial investment of cash into an organization is recorded with a
Debit to cash and a credit to capital stock.
A credit may signify an
Decrease in expense accounts
The process of transferring the debits and credits from the journal to the accounts in the ledger is called…
Posting
If Websavvy purchased an insurance policy for the automobile that is used in the business and the policy was 24 months and cost$4,800, the entry to record the transaction would be:
Prepaid Insurance 4800
Cash. 4800
Websavvy paid the electric and gas bill for the month in the amount of $325,000. What is the entry to record this transaction?
Debit utilities expense for $325 credit cash for 325.
What proof of equality is prepared to determined if debits are equal to credits and can ultimately be used to discover some errors.
Trial balance.
A debit balance in which of the following accounts would indicate a an error
Fees earned
The type of account with a normal credit balance is…
A revenue.
Webs by J completed a website for Julia’s health food store and received $2500. What journal entry will Webs by J make to record this transaction?
Debit cash $2,500, credit fees earned $2,500.
The receipt of cash from customers in payment of their accounts would be record ed by:
A debit to cash, and a Credit to accounts receivable.
in which of the following types of accounts are increases recorded by credits?
liability, revenue
The verification that the sum of the debits and the sum of the credits in the ledger are equal is called:
trial balance
the process of initially recording a business transaction is called:
journalizing
Normal account balance (+)
advertising expense
debit
Normal account balance (+)
Service Recenue
credit
Normal account balance (+)
Capital Stock
Credit
Normal account balance (+)
Notes payable
credit
Normal account balance (+)
Accounts Receivable
Debit
Normal account balance (+)
Cash
Debit
Normal account balance (+)
Assets
Debit
Normal account balance (+)
Liabilities
Credit
Normal account balance (+)
Stockholder’s Equity
Credit
Normal account balance (+)
Revenue Accounts
Credit
Normal account balance (+)
Expense Accounts
Debit
Normal account balance (+)
Dividens account
Debit
Which account will appear on the post-closing trial balance?
Dividends
dividends will have what effect upon retained earnings?
Decrese
The closing entries made by plaza theater always involve posting a debit to which of the following accounts?
Ticket Revenue
The purpose of making the closing entries is to
prepare revenue and expense accounts for the recording of the next period’s revenue and expenses.
which account will not appear onthe post-closing trial balance?
professional fees earned
during the closing process
all revenue accounts are debited and expense accounts are credited
if the income statement credit column is greater than the income statement debit column
net income exists
which of the following accounts in the adjusted trial balance columns of the work sheet would be extended to the balance sheet columns?
dividends
which of the following accounts would be classified as a current asset on the balance sheet?
accounts recivable
to record the payment of this months utility bill you woud
decrese assets, decrease stockholders equity
to record supplies purchased on the account, you would
increase assets, decrease assets
a balance sheet
reports the amount of assets, liabilities and stockholders equity as of a specific date
a statement listing the revenues and expenses for a specific time period is a
income statement
liabilities are reported on
the balance sheet
Capital stock is
SE, R, A, L, E?
SE
Supplies are
SE, R, A, L, E?
A
Fees earned are
SE, R, A, L, E?
R
Wages Expense is
SE, R, A, L, E?
E
Retained Earnings is
SE, R, A, L, E?
SE
Accounts Payable is
SE, R, A, L, E?
L
Cash is
RE, BS, IS?
BS
service revenue
RE, BS, IS?
IS
Dividends
RE, BS, IS?
RE
Utilities Expense
RE, BS, IS?
IS
Wages Payable
RE, BS, IS?
BS
Accounts Receivable
RE, BS, IS?
BS

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