Accounting I Debits Credits Analyzing Transactions Adjusting Closing
Accounting I Debits & Credits Analyzing Transactions Adjusting & Closing Entries Financial Statements Miscellaneous Accounting 100 100 100 200 200 200 300 300 300 400 400 400 500 500 500 Jeopardy Answer Final. Question
Debits & Credits -100 • An account type that measures resources of the business and is increases on the debit side. • What is an Asset? Answer Question
Debits & Credits -200 • Accumulated Depreciation, Wages Payable, and Fees Earned • What are accounts that increase on the credit side? Answer Question
Debits & Credits -300 • The investment of an owner into the company is recorded as a ______ to capital stock. • What is a credit? Answer Question
Debits & Credits -400 • Paying a utility bill for $400 would require the journal entry to debit the utilities expense account and credit the _____ account. • What is cash? Answer Question
Debits & Credits -500 • Accumulated Depreciation is a contra asset account. To decrease this account would be represented by a _____. • What is a debit? Answer Question
Analyzing Transactions -100 • Mr. Smith invests $10, 000 cash and $35, 000 in equipment to XYZ Incorporated. This transaction would debit the _____ & ____ accounts. • What is cash & equipment? Answer Question
Analyzing Transactions -200 • Recording a customer purchase on account would require this journal entry. • What is a debit to accounts receivable and a credit to revenue? Answer Question
Analyzing Transactions -300 • An entry to record the purchase of supplies on account would include a debit to _______ and a credit to ____. • What is a debit to supplies and a credit to accounts payable? Answer Question
Analyzing Transactions -400 • The entry to record a customer payment for services in advance. • What is a debit to cash and a credit to unearned fees? Answer Question
Analyzing Transactions -500 • The journal entry to record depreciation of an asset. • What is a debit to depreciation expense and a credit accumulated depreciation? Answer Question
Adjusting & Closing Entries-100 • The temporary account used at the end of a financial period to zero out revenue and expenses. • What is income summary? Answer Question
Adjusting & Closing Entries-200 • An inventory of supplies reveals that of the starting balance of $1010, $527 remain. The journal entry to record this is ________. • What is debit to supplies expense for $483 and a credit to supplies for the same amount. Answer Question
Adjusting & Closing Entries-300 • The company prepays for rent six months in advance. The payment of $1200 was made at the beginning of this month. The entry at the end of the month will be _______. • What is a debit to rent expense for $200 and a credit to prepaid rent for the same amount. Answer Question
Adjusting & Closing Entries-400 • The computer equipment in the office depreciates at a rate of $1050 per year. The end of year adjusting entry is _________. • What is a debit to depreciation expense and a credit to accumulated depreciation – computer equipment. Answer Question
Adjusting & Closing Entries-500 • The order in which accounts are closed at the end of a financial period. • What is revenue, expenses, income summary, dividends? Answer Question
Financial Statements -100 • The accounting equation in report format. • What is the balance sheet? Answer Question
Financial Statements -200 • The bottom line of this statement is net income. • What is the income statement? Answer Question
Financial Statements -300 • The fourth financial statement that measures cash inflows and outflows. • What is the statement of cash flows? Answer Question
Financial Statements -400 • A starting point for calculating financial statements that checks to make sure debits equal credits. • What is a trial balance? Answer Question
Financial Statements -500 • The order in which statements are prepared. • What is income statement, statement of retained earnings, and balance sheet? Answer Question
Misc. Accounting-100 • The third step in the closing process. • What is transferring net income or loss to owner’s capital or closing the income summary account? Answer Question
Misc. Accounting -200 • Warren, Reeve, & Duchac • Who are the authors of the text for Accounting I? Answer Question
Misc. Accounting -300 • Left side • What is debit? Answer Question
Misc. Accounting - 400 • This term means not paid. • What is accrued? Answer Question
Misc. Accounting - 500 • The accounting equation. • What is assets = liabilities + owner’s equity? Answer Question
FINAL JEOPARDY • True or False: The accounting equation can be stated as Owners Equity = Assets - Liabilities • True Answer Question
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