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Accounting Test 2
Terms in this set (15)
What type of accounts are on the post-closing Trial Balance?
Cash, Unearned Revenue, Accumulated Depreciation, Retained Earnings and Accounts Payable are examples of what type of account? (Liabilities)
The Accounting Cycle
1. Analyze Transactions
4. Prepare Unadjusted Trial Balance
5. Adjusting Entries
6. Prepare Adjusted Trial Balance
7. Prepare Financial Statements
9. Prepare Post-Closing Trial Balance
Adjusting Prepaid Expenses
Debit _______ ,Credit _____ ?
Adjusting Unearned Revenue
Debit _____, Credit_______?
Unearned Revenue, Revenue
Adjusting Accrued Expenses
Expense, Liability (Payable)
Adjusting Accrued Revenues
Depreciation Expense, Accumulated Depreciation
A year as reckoned for taxing and accounting purposes.
Expenses are matched with the related revenues and are reported when the expense occurs, not when the cash is paid
Accrual Basis Accounting
Revenues are reported on the income statement when the cash is received
Cash Basis Accounting
The liability or amount of money owed for payment of goods or services by a customer before the goods or services have been delivered to that customer
(Cost - Salvage Value) --------------------------------
Straight Line Depreciation
A general ledger account which is intended to have its balance be the opposite of the normal balance for that accounts classification
Adjusting journal entries will NEVER affect...
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