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Adjustments and Closing Entries for a Corporation JEOPARDY Adjustments & Closing for a Corporation Financial Statements - 100 The income statement of a merchandising business has three main sections… what is . . . Revenue, Cost of Merchandise Sold and Expenses Financial Statements - 200

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financial statements 100
Financial Statements - 100

The income statement of a merchandising business has three main sections…

what is . . .Revenue, Cost of Merchandise Sold and Expenses

financial statements 200
Financial Statements - 200

A financial statement that shows changes in a corporation’s ownership for a fiscal period

what is . . .A statement of Owner’s Equity

financial statements 300
Financial Statements - 300

The two sections in a statement of stockholders’ equity

what are . . .Capital Stock & Retained Earnings

financial statements 400
Financial Statements - 400

Calculation for the book value of Accounts receivable

What is . . .Accounts receivable less Allowance for Uncollectible Accounts

financial statements 500
Financial Statements - 500

Two classifications of Assets for our Merchandising Balance sheet

what are . . .Current Assets and Plant Assets

financial statements 600
Financial Statements - 600

A value assigned to a share of stock and printed on the stock certificate is called 

what is . . .Par Value

adjusting entries 100
Adjusting Entries - 100

The purpose of adjusting entries

what is . . .Bring the general ledger account balances up to date.

adjusting entries 200
Adjusting Entries - 200

Which accounting concept relates to the adjusting entry procedure

what is . . . Matching revenue with expenses

adjusting entries 300
Adjusting Entries - 300

Company ABC estimated that 2,000 will be uncollectible; the adjusting entry…

what is . . .DR Uncollectible Accts. Expense, CR Allowance for Uncoll. Accts

adjusting entries 400
Adjusting Entries - 400

Adjusting Entry for Merchandise Inventory when the count at year end is lower… 

what is . . .Dr. Income Summary. Cr. Merchandise Inventory

adjusting entries 500
Adjusting Entries - 500

Adjusting entry for depreciation store Equip…

what is . . .Dr Depreciation Expense, Cr Accum. Depre – Store Equip

adjusting entries 600
Adjusting Entries - 600
  • The balance in supplies prior to adjustments is 3,480. Supplies on hand is 750

what is . . . Dr Supplies Expense and Cr Supplies Office $2,730

closing entries 100
Closing Entries - 100

This account is used only at the end of the fiscal period to help prepare accounts for a new fiscal period.

what is . . . Income Summary Account

closing entries 200
Closing Entries - 200

Assets, Liability and Owner’s Capital Accounts

what is . . .Permanent or Real Accounts

closing entries 300
Closing Entries - 300

The first step to the closing process

what is . . . Close income statement accounts with credit balances (Sales, Purchase Discounts, Purchases R & A)

closing entries 400
Closing Entries - 400

The third step in the closing process

what is . . .Closing entry to record net income (or loss); zero out income summary

closing entries 500
Closing Entries - 500

The fourth step in the closing process

what is . . .Closing entry for dividends. (Dr retained earnings, Cr dividends)

closing entries 600
Closing Entries - 600

Four steps to close the temporary accounts 

what are . . . Close Income statement account Cr balances; Close Income statement account Dr balances; Close Income Summary (record profit or loss); Close Dividends

post closing trial 100
Post Closing Trial - 100

These accounts have up to date balances to begin the new fiscal period.

what are . . .Balance sheet accounts (A, L, OE)

post closing trial 200
Post Closing Trial - 200

These accounts have zero balances to begin the new fiscal period.

what are . . .Temporary accounts (Revenue, Cost and Expense Accounts)

post closing trial 300
Post Closing Trial - 300

This is prepared to prove the equality of debits and credits in the general ledger and to prepare the GL for the next fiscal period.

what is . . .Post Closing Trial Balance

post closing trial 400
Post Closing Trial - 400

The supporting reports prepared for the balance sheet. 

what are . . .Schedule of Accounts Receivable and Accounts Payable

post closing trial 500
Post Closing Trial - 500

The normal balance of Capital Stock

what is . . . Credit

post closing trial 600
Post Closing Trial - 600

The normal balance of Merchandise Inventory

what is . . . Debit

vocab concepts 100
Vocab/Concepts - 100

A comparison between two items of financial information

what is . . .A financial ratio

vocab concepts 200
Vocab/Concepts - 200

The amount of net income after federal income tax belonging to a single share of stock

what is . . .Earnings Per Share

vocab concepts 300
Vocab/Concepts - 300

The relationship between the market value per share and earnings per share 

what is . . .Price-earnings ratio

vocab concepts 400
Vocab/Concepts - 400

The two contra accounts for Sales

what are . . . Sales discounts and Sales Return and allowance.

vocab concepts 500
Vocab/Concepts - 500

The normal balance for an Income Summary Account

what is . . .Zero

vocab concepts 600
Vocab/Concepts - 600

Companies with a high price-earnings ratio 

what are . . .Growth Companies

grab bag 100
GRAB BAG - 100

The financial statements should provide information about a business’s financial condition, changes in this financial condition and the progress of operations

what is . . .Adequate Disclosure

grab bag 200
GRAB BAG - 200

Financial information must be reported the same way from one fiscal period to the next

what is . . .Consistent Reporting

grab bag 300
GRAB BAG - 300

A source document is prepared for each transaction.

what is . . .Objective Evidence

grab bag 400
GRAB BAG - 400

The amount an owner expects to receive when a plant asset is removed from use 

what is . . .Estimated salvage value

grab bag 500
GRAB BAG - 500

The total amount of depreciation expense that has been recorded since the purchase of a plant asset

what is . . . Accumulated depreciation

grab bag 600
GRAB BAG - 600

The special journal used to record sales on account.

what is . . .Sales Journal

final jeopardy
Final Jeopardy
  • Calculate Total Cost of Merchandise Available for Sale