Term
| the Income Statement credit total is $1,200 and the Income Statement debit total is $800. The company has a |
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Definition
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Term
| 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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Definition
| Record the account number that the entry was posted to in the journal in the post reference column |
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Term
| RECEIVED CASH ON ACCOUNT FROM BILL'S LIMOS FOR, $500 |
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Definition
| Debit Cash and credit Accounts Receivable/Bill's Limos |
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Term
| 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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Definition
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Term
| 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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Definition
| Record an account number in the journal. |
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Term
| 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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Definition
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Term
| 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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Definition
| Calculate the component percentages |
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Term
| 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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Definition
| Double rule across both amount columns |
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Term
| 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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Definition
| Write the name of the company. |
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Term
| 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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Definition
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Term
| Mary is preparing a Balance Sheet. What must she do after she completes the heading information? |
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Definition
| Prepare the Asset section. |
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Term
| 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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Definition
| Write the balance of each expense account. |
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Term
| 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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Definition
| Insurance Expense and credit Prepaid Insurance $1,200 |
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Term
| 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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Definition
| Supplies Expense and credit Supplies $1,500 |
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Term
| 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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Definition
| Supplies Expense and credit Supplies $1,500. |
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Term
| What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $250 |
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Definition
| Debit Cash and credit Sales |
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Term
| PAID CASH FOR AN OFFICE DESK, $250 |
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Definition
| Debit Office Equipment and credit Cash |
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Term
| PAID CASH FOR NEWSPAPER ADVERTISEMENT, $200 |
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Definition
| Debit Advertising Expense and credit Cash |
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Term
| PAID $150 FOR ADVERTISING |
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Definition
| Debit Advertising Expense and credit Cash |
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Term
| PAID CASH FOR A DELIVERY (MISCELLANEOUS EXPENSE), $25? |
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Definition
| Debit Miscellaneous Expense and credit Cash |
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Term
| PAID CASH FOR PRINTER CARTRIDGES? |
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Definition
| Debit Supplies and credit Cash |
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Term
| 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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Definition
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Term
| 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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Definition
| Debit Utilities Expense, $250; credit Repairs Expense, $250 |
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Term
| 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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Definition
| Debit Advertising Expense, $200; credit Miscellaneous Expense, $200 |
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Term
| RECEIVED CASH ON ACCOUNT FROM BILL'S LIMOS FOR, $500? |
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Definition
| Debit Cash and credit Accounts Receivable/Bill's Limos |
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Term
| RECEIVED CASH ON ACCOUNT FROM BURKE SUPPLY FOR, $800? |
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Definition
| Debit Cash and credit Accounts Receivable/Burke Supply |
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Term
| BOUGHT SUPPLIES ON ACCOUNT FROM STEINMAN COMPANY, $75? |
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Definition
| Debit Supplies and credit Accounts Payable/Steinman Company |
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Term
| BOUGHT SUPPLIES ON ACCOUNT FROM JONES SUPPLY COMPANY, $250? |
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Definition
| Debit Supplies and credit Accounts Payable/Jones Supply Company |
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Term
| PAID CASH FOR RENT, $1000? |
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Definition
| Debit Rent Expense and credit Cash |
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Term
| PAID CASH TO MARK JOHNSON, OWNER FOR PERSONAL USE, $900? |
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Definition
| Debit Mark Johnson, Drawing and credit Cash |
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Term
| PAID CASH FOR RENT, $700? |
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Definition
| Debit Rent Expense and credit Cash |
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Term
| PAID CASH TO JOHN SMITH, OWNER FOR PERSONAL USE, $500? |
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Definition
| Debit John Smith, Drawing and credit Cash |
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Term
| PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY, $500? |
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Definition
| Debit Accounts Payable/Avis Supply Company and credit Cash |
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Term
| PAID CASH ON ACCOUNT TO VENDOR JONES SUPPLY, $1000? |
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Definition
| Debit Accounts Payable/Jones Supply and credit Cash |
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Term
| RECEIVED CASH FROM SALES, $2500? |
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Definition
| Debit Cash and credit Sales |
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Term
| RECEIVED BIKE RENTAL FEES, $375? |
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Definition
| Debit Cash and credit Rental Fees |
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Term
| PAID THE TELEPHONE BILL, $125? |
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Definition
| Debit Utilities Expense and credit Cash |
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Term
| HANS SCHMIDT INVESTED $2000 OF HIS OWN MONEY INTO THE BUSINESS? |
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Definition
| Debit Cash and credit HANS SCHMIDT, Capital |
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Term
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Definition
| Debit Utilities Expense and credit Cash |
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Term
| RECEIVED CASH FROM OWNER DANA JACKSON AS INVESTMENT, $5000? |
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Definition
| Debit Cash and credit Dana Jackson, Capital |
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