Create an account
Debit casket coach and credit accounts payable
when a funeral director buys a casket coach on credit, he would
debit office supplies and credit accounts payable
purchase of office supplies on credit is recorded by
an entry made on the debit side of the proprietorship account indicates that the account has been
the beginning balance in the supplies account is $600. During the month an additional $800 worth of supplies were purchased. At the end of the month, an inventory of the supplies found that only $300 remained on hand. What would be the amount of the adjusting entry for the supplies account?
A plant asset was purchased by the funeral home costing $8,000. It has a useful life of 3 years and a salvage value of $2,000. Using the straightline method of depreciation, what would be the yearly amount of depreciation?
Profit and Loss Statement
the amount of revenue from the sale of funeral services would be shown on the
if the total of the operating expenses section of the income statement is smaller than the total of the income section, the difference is
which of the following accounts would be used to assist the accountant in an an adjusting entry involving depreciation
Chart of Accounts
a list of accounts that shows the arrangement of the accounts in the ledger is called
Net income and investment of assets in the business by the owner
the proprietorship of a business may be increased by
Expenses and withdrawals of assets from the business by the owner
the proprietorship of a business may be decreased by
a person or concern, usually a bank, that has been ordered to make payment on a check or draft is called the
a person or company who will receive payment on a promissory note, check, draft or money order is called the
property of a relatively permanent nature used in the operation of a business and not intended for resale is called
a written promise of a customer to pay the business a sum of money at a future date is called a/an
a language of business employed to communicate financial information based upon the recording, classification, summarization, and interpretation of financial data is called
Debit revenue, credit expense and revenue summary
what would be the closing entry to close the revenue account?
a paper showing quantity, description, prices of items, total amount of purchase, and terms of payment is a/an
a distribution of profits of a corporation to its stockholders as declared by the board of directors is
the person who orders the bank to make payment of a financial instrument is properly termed a/an
the amount added to the cost of an article to determine the selling price of that article is the
Owner's equity, net worth, capital
which of the following represents the difference between the total assets and the total liabilities
Owner's equity = $30,000, net income = $2,000
at the end of the month, a funeral home's assets totaled $50,000; the liabilities totaled $20,000; revenue for the month totaled $6,000; and the total of the expenses amounted to $4,000.
The normal operating cycle
the period of time required to purchse goods and services and turn them back into cash is called
the amount of depreciation taken during the current fiscal year is properly termed
The asset cash is credited
when cash is spent in the acquisition of an asset the impact on the accounting equation is
Profit and Loss Statement
The amount of income from the sale of funeral services would be shown on which formal financial statement?
Accounts receivable increases; revenues increases
When delivery revenue is earned on account, which accounts increase and decrease?
Debit accounts receivable; credit sales
If a funeral home sells a funeral service on a 30 day account, the entry to record the transaction would be to
Debit cash; credit accounts receivable
If a funeral director receives payment from a client who had purchased a service on a 30 day account, he would make which of the following entries in his journal
Debit purchases; credit accounts receivable
If a funeral director purchases caskets from a casket manufacturer on a 30 day account, he would record the transaction as follows
A funeral car is purchased by a funeral home for $30,000. The vehicle will be used for five years and then replaced. If the estimated salvage value will be $5,000, what will be the amount of yearly depreciation using the straightline method of depreciation for computation?
David O'Dell is an employee of Mid-Cities Embalming Service and is paid a salary of $1,850 per month. He is also paid time and a half for all hours worked in excess of forty hours per week. If Mr. O'Dell worked 62 hours last week, his gross earnings for the period would be.
John Smith is employed at a local funeral home and is paid on an hourly rate of $5.00 per hour. He is also paid time and a half for any hours worked in excess of 40 hours per week. For the current pay period, he worked a total of 60 hours. If his FICA tax is 6%, and his withholding tax is 10%, what is his take-home pay for the week?
Statement of Financial Condition; Balance Sheet
The report that shows the financial condition of the business at a point in time is called the
assets = liabilities + owners equity; assets - liabilities = owners equity
The accounting equation may be stated as
Accrual basis of accounting
When you recognize revenue when it is earned, and expenses when they are incurred you are operating under the
An asset account
The account that provides a current or future benefit to the business is properly termed
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