ACCOUNTING JEOPARDY ACCOUNTING REVIEW DOCSEDA DebitCredit Adjustments Income
ACCOUNTING JEOPARDY ACCOUNTING REVIEW DOCSEDA
Debit/Credit Adjustments Income Statement Balance Sheet Statement of Equity 100 100 100 200 200 200 300 300 300 400 400 400 500 500 500
Debit/Credit 100 BOUGHT MERCHANDISE ON ACCOUNT FROM HOME DEPOT. A: What is a debit to Purchases or Merchandise Inventory and credit to Accounts Payable/Home Depot? Docseda
Debit/Credit 200 CUSTOMER RETURNED $200 OF MERCHANDISE FOR CREDIT. A: What is a debit to Accounts Receivable and credit to Sales Return and Allowances? Docseda
Debit/Credit 300 WROTE OFF CUSTOMER’S $4, 000 ACCOUNT AS UNCOLLECTIBLE UNDER ALLOWANCE METHOD. A: What is a debit to Allowance for Doubtful Accounts and credit to Accounts Receivable? Docseda
Debit/Credit 400 Collected a $500 account from customer within 2% discount period. A: What is a debit Cash for $490, Sales Dsicounts for $10 and credit Accounts Receivable for $500? Docseda
Debit/Credit 500 On 5/1/03, discounted a 6% 60 day note dated 4/1/03 at bank’s rate of 10%. A: What is a debit to Cash for $6, 009. 50 [6060 -(6060 MV*. 10*30/360)] and credits to Notes Receivable for $6, 000 and Interest Income for $9. 50? Docseda
Adjustments 100 This journal entry represents adjustment to cash based on Trial Balance as of 12/31/03 and additional information shown below: A: What is debit to Accounts Receivable and credit to Cash for $25? Docseda
Adjustments 200 This journal entry represents Bad Debts Expense adjustment based on Trial Balance as of 12/31/03 and additional information shown below: A: What is debit to Bad Debts Expense and credit to Allowance for Doubtful Accounts for $2? Docseda
Adjustments 300 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 Interest Receivable and credit to Interest Revenue for $1? Docseda
Adjustments 400 This journal entry represents accrued expense adjustment based on Trial Balance as of 12/31/03 and additional information shown below: A: What is debit to Interest Expense and credit to Interest Payable for $5? Docseda
Adjustments 500 This journal entry represents inventory adjustment based on Trial Balance as of 12/31/03 and additional information shown below: A: What is debit to Income Summary and credit to Docseda Merchandise Inventory for $10?
Income Statement 100 This amount represents Net Sales based on 12/3103 Worksheet shown below: A: What is $490? Docseda
Income Statement 200 This amount represents Net Income based on 12/31/03 Worksheet shown below: A: What is $104? Docseda
Income Statement 300 This amount represents Cost of Goods Sold based on Worksheet shown below: A: What is $226 [22+200+16 -12]? Docseda
Income Statement 400 This amount represents Net Income Before Taxes based on Worksheet shown below: A: What is $119 [104(NI)+15(Income Tax Expense)]? Docseda
Income Statement 500 This entry closes income summary account based on Worksheet shown below: A: What is debit to Income Summary and credit to Retained Earnings for $104? Docseda
Balance Sheet 100 This amount represents Total Current Assets based on Worksheet shown below: A: What is $122 [3+61 -5+50+12+1]? Docseda
Balance Sheet 200 IF LIABILITIES EQUAL $18, 000 AND STOCKHOLDER’S EQUITY EQUALS $12, 000 THEN ASSETS EQUAL THIS AMOUNT. A: What is $30, 000[Assets=Liabilities+Equity]? Docseda
Balance Sheet 300 This category is used to classify Accumulated Depreciation-Equipment on Balance Sheet. A: What is Property Plant and Equipment Category (as a contra-asset)? Docseda
Balance Sheet 400 Assuming S/L Dep, this amount represents book value of Equip. on 1/1/03 based on Worksheet: A: What is $678 [12/31/03 BV of $630 -Dep. of $48]? Docseda
Balance Sheet 500 This amount represents business worth of co. shown below: A: What is $431 [246(CS)+96(R/E Beg. Bal)+104(NI)-15 (Div)]? Docseda
Statement of Equity 100 A–L=E A: What is Assets – Liabilities = Equity (Accounting Equation)? Docseda
Statement of Equity 200 This detailed formula represents the standard formula used to determine total stockholder’s equity on the Statement of Stockholder’s Equity. A: What is Beginning Capital Stock Balance + Stockholder Investments + Beginning R/E Balance – Dividends + Net Income – Net Loss? Docseda
Statement of Equity 300 This amount represents Total Stockholder’s Equity for company shown below: A: What is $431 [246(CS)+96(R/E Beg. Bal)+104(NI)-15(Dividends)]? Docseda
Statement of Equity 400 This account category is used to classify Dividends with a normal debit balance A: What is Contra-Equity account? Docseda
Statement of Equity 500 Assuming common stock was issued at $6 par value, this amount represents amount of shares outstanding based on worksheet shown below: A: What is 41 shares [246(CS) / $6 PV]? Docseda
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