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ACCOUNTING REVIEW

ACCOUNTING JEOPARDY. ACCOUNTING REVIEW. DOCSEDA. Debit/Credit. Adjustments. Income Statement. Balance Sheet. Statement of Equity. 100. 100. 100. 100. 100. 200. 200. 200. 200. 200. 300. 300. 300. 300. 300. 400. 400. 400. 400. 400. 500. 500. 500. 500. 500.

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ACCOUNTING REVIEW

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  1. ACCOUNTING JEOPARDY ACCOUNTING REVIEW DOCSEDA

  2. Debit/Credit Adjustments Income Statement Balance Sheet Statement of Equity 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500

  3. Debit/Credit100 BOUGHT SUPPLIES ON ACCOUNT FROM HOME DEPOT. A: What is adebit to Prepaid Supplies Expense and credit to Accounts Payable/Home Depot? Docseda

  4. Debit/Credit200 PERFORMED BILLABLE SERVICES ON ACCOUNT FOR CUSTOMER. A: What is adebit to Accounts Receivable and credit to Sales Revenue and Sales Tax Payable (if applicable)? Docseda

  5. Debit/Credit300 OWNER WITHDREW CASH FOR PERSONAL USE. A: What is adebit to Owner, Drawing and credit to Cash? Docseda

  6. Debit/Credit400 Received $100 from customer to decrease amount owed. A: What is a debit Cash and credit Accounts Receivable? Docseda

  7. Debit/Credit 500 Paid $2,000 for legal fees incurred. A: What is a debit to Legal Expense and credit to Cash? Docseda

  8. Adjustments 100 This journal entry represents adjustment to Prepaid Insurance based on Trial Balance as of 12/31/03 and additional information shown below: A: What is debit to Insurance Expense and credit to Prepaid Insurance for $8? Docseda

  9. Adjustments200 This journal entry represents adjustment to Unearned Revenue based on Trial Balance as of 12/31/03 and additional information shown below: A: What is debit to Unearned Revenue and credit to Service Revenue for $4? Docseda

  10. Adjustments 300 This journal entry represents depreciation adjustment based on Trial Balance as of 12/31/03 and additional information shown below: A: What is debit to Depreciation Expense and credit to Accumulated Depreciation-Equipment for $6? Docseda

  11. Adjustments 400 This journal entry represents supplies adjustment based on Trial Balance as of 12/31/03 and additional information shown below: A: What is debit to Supplies Expense and credit to Supplies for $6? Docseda

  12. Adjustments500 This journal entry represents accrued revenue adjustment based on Trial Balance as of 12/31/03 and additional information shown below: A: What is debit to Accounts Receivable and credit to Service Revenue for $1? Docseda

  13. Income Statement100 This amount represents Net Sales based on Worksheet as of 12/31/03 shown below: A: What is $56? Docseda

  14. Income Statement200 This amount represents Total Operating Expenses based on Worksheet as of 12/31/03 shown below: A: What is $50? Docseda

  15. Income Statement300 This amount represents Net Income based on Worksheet as of 12/31/03 shown below: A: What is $6? Docseda

  16. Income Statement 400 This entry represents the closing journal entry related to revenue based on Worksheet as of 12/31/03 shown below: A: What is debit to Service Revenue and credit to Income Summary for $56? Docseda

  17. Income Statement 500 This journal entry closes the income summary account based on Worksheet as of 12/31/03 shown below: A: What is debit to Income Summary and credit to J. Lopez, Capital for $6? Docseda

  18. Balance Sheet100 This amount represents Total Current Assets based on Worksheet as of 12/31/03 shown below: A: What is $58 [30+20+4+4]? Docseda

  19. Balance Sheet 200 IF LIABILITIES EQUAL $18,000 AND OWNER’S EQUITY EQUALS $12,000 THEN ASSETS EQUAL THIS AMOUNT. A: What is $30,000[Assets=Liabilities+Equity]? Docseda

  20. Balance Sheet 300 This category is used to classify Unearned Revenue account on Balance Sheet. A: What is Current Liability? Docseda

  21. Balance Sheet 400 This amount represents the book value of Equipment based on Worksheet as of 12/31/03 shown below: A: What is $28[40-12]? Docseda

  22. Balance Sheet 500 This amount represents the business worth of company shown below on Worksheet as of 12/31/03: A: What is $ 68 [64(Beg.Bal)+6(NI)-2(Drawing]? Docseda

  23. Statement of Equity 100 A – L = E A: What is Assets – Liabilities = Equity (Accounting Equation)? Docseda

  24. Statement of Equity 200 This detailed formula represents the standard format used to determine total owner’s equity on the Statement of Owner’s Equity. A: What is Beginning Capital Balance + Owner Investments – Owner’s Withdrawals + Net Income – Net Loss? Docseda

  25. Statement of Equity 300 This amount represents Total Owner’s Equity for company shown below on Worksheet as of 12/31/03: A: What is $68 [64-2+6]? Docseda

  26. Statement of Equity400 This account category is used to classify Owner’s Drawing with a normal debit balance A: What is Contra-Equity account? Docseda

  27. Statement of Equity500 This amount represents J. Lopez’s self-employment income based on Worksheet as of 12/31/03 shown below: A: What is $8 (Net Income + Owner’s Drawing)? Docseda

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