Adjustments and Closing Entries for a Corporation JEOPARDY - PowerPoint PPT Presentation

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Adjustments and Closing Entries for a Corporation JEOPARDY

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  1. Adjustments and Closing Entries for a CorporationJEOPARDY

  2. Adjustments & Closing for a Corporation

  3. Financial Statements - 100 The income statement of a merchandising business has three main sections… what is . . .Revenue, Cost of Merchandise Sold and Expenses

  4. 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

  5. Financial Statements - 300 The two sections in a statement of stockholders’ equity what are . . .Capital Stock & Retained Earnings

  6. Financial Statements - 400 Calculation for the book value of Accounts receivable What is . . .Accounts receivable less Allowance for Uncollectible Accounts

  7. Financial Statements - 500 Two classifications of Assets for our Merchandising Balance sheet what are . . .Current Assets and Plant Assets

  8. Financial Statements - 600 A value assigned to a share of stock and printed on the stock certificate is called  what is . . .Par Value

  9. Adjusting Entries - 100 The purpose of adjusting entries what is . . .Bring the general ledger account balances up to date.

  10. Adjusting Entries - 200 Which accounting concept relates to the adjusting entry procedure what is . . . Matching revenue with expenses

  11. 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

  12. Adjusting Entries - 400 Adjusting Entry for Merchandise Inventory when the count at year end is lower…  what is . . .Dr. Income Summary. Cr. Merchandise Inventory

  13. Adjusting Entries - 500 Adjusting entry for depreciation store Equip… what is . . .Dr Depreciation Expense, Cr Accum. Depre – Store Equip

  14. 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

  15. 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

  16. Closing Entries - 200 Assets, Liability and Owner’s Capital Accounts what is . . .Permanent or Real Accounts

  17. 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)

  18. Closing Entries - 400 The third step in the closing process what is . . .Closing entry to record net income (or loss); zero out income summary

  19. Closing Entries - 500 The fourth step in the closing process what is . . .Closing entry for dividends. (Dr retained earnings, Cr dividends)

  20. 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

  21. 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)

  22. Post Closing Trial - 200 These accounts have zero balances to begin the new fiscal period. what are . . .Temporary accounts (Revenue, Cost and Expense Accounts)

  23. 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

  24. Post Closing Trial - 400 The supporting reports prepared for the balance sheet.  what are . . .Schedule of Accounts Receivable and Accounts Payable

  25. Post Closing Trial - 500 The normal balance of Capital Stock what is . . . Credit

  26. Post Closing Trial - 600 The normal balance of Merchandise Inventory what is . . . Debit

  27. Vocab/Concepts - 100 A comparison between two items of financial information what is . . .A financial ratio

  28. Vocab/Concepts - 200 The amount of net income after federal income tax belonging to a single share of stock what is . . .Earnings Per Share

  29. Vocab/Concepts - 300 The relationship between the market value per share and earnings per share  what is . . .Price-earnings ratio

  30. Vocab/Concepts - 400 The two contra accounts for Sales what are . . . Sales discounts and Sales Return and allowance.

  31. Vocab/Concepts - 500 The normal balance for an Income Summary Account what is . . .Zero

  32. Vocab/Concepts - 600 Companies with a high price-earnings ratio  what are . . .Growth Companies

  33. 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

  34. GRAB BAG - 200 Financial information must be reported the same way from one fiscal period to the next what is . . .Consistent Reporting

  35. GRAB BAG - 300 A source document is prepared for each transaction. what is . . .Objective Evidence

  36. GRAB BAG - 400 The amount an owner expects to receive when a plant asset is removed from use  what is . . .Estimated salvage value

  37. GRAB BAG - 500 The total amount of depreciation expense that has been recorded since the purchase of a plant asset what is . . . Accumulated depreciation

  38. GRAB BAG - 600 The special journal used to record sales on account. what is . . .Sales Journal

  39. Final Jeopardy • Calculate Total Cost of Merchandise Available for Sale