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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

ACCOUNTING JEOPARDY

ACCOUNTING REVIEW

DOCSEDA


Accounting review

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


Debit credit 100
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


Debit credit 200
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


Debit credit 300
Debit/Credit300

OWNER WITHDREW CASH FOR PERSONAL USE.

A: What is adebit to Owner, Drawing and credit to Cash?

Docseda


Debit credit 400
Debit/Credit400

Received $100 from customer to decrease amount owed.

A: What is a debit Cash and credit Accounts Receivable?

Docseda


Debit credit 500
Debit/Credit 500

Paid $2,000 for legal fees incurred.

A: What is a debit to Legal Expense and credit to Cash?

Docseda


Adjustments 100
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


Adjustments 200
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


Adjustments 300
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


Adjustments 400
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


Adjustments 500
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


Income statement 100
Income Statement100

This amount represents Net Sales based on Worksheet as of 12/31/03 shown below:

A: What is $56?

Docseda


Income statement 200
Income Statement200

This amount represents Total Operating Expenses based on Worksheet as of 12/31/03 shown below:

A: What is $50?

Docseda


Income statement 300
Income Statement300

This amount represents Net Income based on Worksheet as of 12/31/03 shown below:

A: What is $6?

Docseda


Income statement 400
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


Income statement 500
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


Balance sheet 100
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


Balance sheet 200
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


Balance sheet 300
Balance Sheet 300

This category is used to classify Unearned Revenue account on Balance Sheet.

A: What is Current Liability?

Docseda


Balance sheet 400
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


Balance sheet 500
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


Statement of equity 100
Statement of Equity 100

A – L = E

A: What is Assets – Liabilities = Equity (Accounting Equation)?

Docseda


Statement of equity 200
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


Statement of equity 300
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


Statement of equity 400
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


Statement of equity 500
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