Term
| Debit Cash and credit Sales |
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Definition
| What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $2500? |
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Term
| Debit Accounts Payable/Jones Supply and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO VENDOR JONES SUPPLY, $1000? |
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Term
| Debit Accounts Payable/Avis Supply Company and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY, $500? |
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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 Mark Johnson, Drawing and credit Cash |
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Definition
| What is the correct journal entry for the transaction, PAID CASH TO MARK JOHNSON, OWNER FOR PERSONAL USE, $900? |
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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, $700? |
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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 Supplies and credit Accounts Payable/Steinman Company |
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Definition
| What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM STEINMAN COMPANY, $75? |
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Term
| Debit Supplies and credit Accounts Payable/Jones Supply Company |
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Definition
| What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM JONES SUPPLY COMPANY, $250? |
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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 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 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 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
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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
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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
| 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
| 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
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Definition
| A local accounting firm wrote in a recommendation for Mary that she possesses a great deal of integrity and has excellent basic skills in literacy and computation. This is classified as which skill? |
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Term
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Definition
| Mary has applied for a position as an accounting clerk for a local company. She listed as her qualifications that she is a problem-solver and needs little direction to complete assigned tasks. This is classified as which skill? |
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Term
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Definition
| Lisa is applying for a position in a small insurance agency. The company is looking to hire an individual that can convert their manual accounting system to a computerized system. She listed on her application that she has an accounting degree as well as an emphasis in computerized systems. This is classified as which skill? |
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Term
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Definition
| John has applied for a position as Chief Financial Officer for a Fortune 500 company. He listed as his qualifications that he is a problem-solver and has the ability to plan and resolve issues. This is classified as which skill? |
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Term
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Definition
| Sharon takes responsibility and initiative for her own work at Accounting Temps. This is an example of which 21st Century Skill? |
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Term
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Definition
| Brian is an accountant in a local firm. He submits an accounting report to his manager that suggests an action that will ultimately benefit him monetarily. This example is a violation of which key principle for ethics in accounting? |
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Term
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Definition
| Jason demonstrates accuracy and truthfulness when he works with his accounting clients. This is an example of which key principle for ethics in accounting? |
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Term
| Debit Cash and credit Accounts Receivable/Parker, INC. |
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Definition
| The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry? |
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Term
| Debit Cash and credit Frank Harper, Capital |
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Definition
| The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry? |
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Term
| Debit Cash and credit Legal Fees |
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Definition
| The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry? |
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Term
| Debit Supplies and credit Accounts Payable/Davis Supply Store |
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Definition
| The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry? |
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Term
| Debit Prepaid Insurance and credit Cash |
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Definition
| The transaction, PAID CASH FOR INSURANCE, would result in which journal entry? |
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Term
| Debit Rent Expense and credit Cash |
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Definition
| The transaction, PAID CASH FOR RENT, would result in which journal entry? |
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Term
| Debit Utilities Expense and credit Cash |
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Definition
| The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry? |
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Term
| Debit Accounts Receivable/Beth Parker and credit Sales |
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Definition
| The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry? |
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Term
| Debit Miscellaneous Expense and credit Cash |
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Definition
| The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry? |
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Term
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Definition
| In the transaction, RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an: |
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Term
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Definition
| In the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY CO., the source document is a/an: |
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Term
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Definition
| In the transaction, BILLED ANDERSON COMPANY FOR WORK COMPLETED, the source document is a/an: |
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Term
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Definition
| Jamie is an accountant. She knows that she is expected to produce accurate financial reports from her audit. She knows when she submits her report to her superiors her friend will suffer consequences for misappropriation of funds. Jamie submits an accurate report and follows which key principle for ethics in accounting? |
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