Accounting I Final Exam
Terms in this set (27)
Account # to journal Post Ref column
Last step for posting is _____.
_____ endorsement is just your signature - not good for sending through the mail.
Expense Accts - Debit; Cash - Credit
Accounts used when REPLENISHING Petty Cash
Matching Expenses with Revenue
What CONCEPT is showing all expenses used in the month you made the revenue?
We do _____ because we want to match expenses with revenue.
Prepaid Insurance is a(an) _____ account.
Revenue - Expenses
NET INCOME is _____.
Income Stmt credit column - Income Stmt debit column
On a WORKSHEET, Net Income is _____.
Total Expenses Component Percentage
Total EXPENSES/Total Sales = _____
Net Income Component Percentage
NET INCOME/Total Sales = _____
Capital - Drawing + Net Income
Capital on a Balance Sheet is _____.
_____ accounts start each fiscal period (month) with a zero balance.
Temporary Accounts are: Sales, _____, Income Summary, Drawing
Petty Cash - Debit; Cash - Credit
Accounts used when ESTABLISHING Petty Cash
Revenue AND Expenses
Accounts that carry over to the INCOME STATEMENT COLUMNS are ____.
Assets, Liabilities, Capital, and Drawing
Accounts that carry over to the BALANCE SHEET COLUMNS are ____.
Net _____ shows in the Income Stmt Debit Column and the Balance Sheet Credit Column
Net _____ shows in the Income Stmt Credit Column and the Balance Sheet Debit Column
Concept: Accounting Period Cycle
You should keep consistent MONTHLY periods/cycles; prepare MONTHLY statements.
Supplies and Prepaid Insurance
Accounts that need adjusting each month.
Adjusting Entry DEBIT account
Adjusting Entry CREDIT account
_____ endorsement is make it for deposit only - would be good for sending through the mail.
Income Statement Credit Column
On a worksheet, the balance of the SALES account extends to the _____.
Income Summary - Debit; Expense Account - Credit
The journal entry to close an expense account is _____.
Adjusting Entry: Expense account shows the amount ____ that month.
Sales - Debit; Income Summary - Credit
The journal entry to close sales account is ____.