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ACC101 > ACC101 (Ch 3-4) > Flashcards

ACC101 (Ch 3-4) Flashcards

1
Q

Interest payable is a(n) _____ account and has a normal _______ (dr/cr) balance.

A

liability; credit

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2
Q

Salaries & Wages payable is a(n) _____ account and has a normal _______ (dr/cr) balance.

A

liability; credit

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3
Q

Depreciation expense is a(n) _____ account and has a normal _______ (dr/cr) balance.

A

stockholders’ equity (expense); debit

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4
Q

Accumulated depreciation is a(n) _____ account and has a normal _______ (dr/cr) balance.

A

Contra asset; credit

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5
Q

Supplies is a(n) _____ account and has a normal _______ (dr/cr) balance.

A

asset; debit

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6
Q

Prepaid rent is a(n) _____ account and has a normal _______ (dr/cr) balance.

A

asset; debit

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7
Q

Unearned revenues is a(n) _____ account and has a normal _______ (dr/cr) balance.

A

liability; credit

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8
Q

Interest payable is reported on the ________ (financial statement).

A

Balance sheet

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9
Q

Salaries & wages payable is reported on the ________ (financial statement).

A

Balance sheet

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10
Q

Depreciation Expense is reported on the ________ (financial statement).

A

Income Statement

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11
Q

Supplies is reported on the ________ (financial statement).

A

Balance Sheet

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12
Q

Depreciation Expense is reported on the ________ (financial statement).

A

Income Statement

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13
Q

Accumulated Depreciation is reported on the ________ (financial statement).

A

Balance Sheet

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14
Q

Prepaid Rent is reported on the ________ (financial statement).

A

Balance Sheet

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15
Q

Unearned Revenues is reported on the ________ (financial statement).

A

Balance Sheet

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16
Q

Adjusting JE for supplies

A

DR Supplies expense
CR Supplies

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17
Q

Adjusting JE for Depreciation

A

DR Depreciation Expense
CR Accumulated Depreciation

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18
Q

Adjusting JE for expired insurance

A

DR Insurance Expense
CR Prepaid Insurance

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19
Q

Adjusting JE for unearned service revenue

A

DR Unearned Service Revenue
CR Service Revenue

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20
Q

Adjusting JE for accrued service revenue

A

DR A/R
CR Service Revenue

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21
Q

Adjusting JE for Interest incurred

A

DR Interest Expense
CR interest Payable

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22
Q

Adjusting JE for payroll

A

DR Sal & Wages Expense
CR Sal & Wages Payable

23
Q

Is cash a permanent or temporary account

A

Permanent

24
Q

Is insurance expense a permanent or temporary account

A

Temporary (closed)

25
Q

Is Service Revenue a permanent or temporary account

A

Temporary (closed)

26
Q

Is A/R a permanent or temporary account

A

Permanent

27
Q

Is unearned service revenue a permanent or temporary account

A

Permanent

28
Q

Is Retained Earnings a permanent or temporary account

A

Permanent

29
Q

Is Income Summary a permanent or temporary account

A

Temporary

30
Q

J/E to close revenues

A

DR Revenues
CR Income Summary

31
Q

J/E to close expenses

A

DR Income Summary
CR Expense Accounts

32
Q

J/E to close Income Summary (net income)

A

DR Income Summary
CR Retained Earnings (inc)

33
Q

J/E to close Income Summary (net loss)

A

DR Retained earnings (decr)
CR Income Summary

34
Q

J/E to close dividends

A

DR Retained Earnings
CR Dividends

35
Q

A current asset is

A

an asset that a company expects to convert to cash or use up within one year or its operating cycle, whichever is longer

36
Q

A current liability is

A

an obligation that a company expects to pay within one year or its operating cycle, whichever is longer

37
Q

Cash is recorded as what on the classified balance sheet?

A

current asset

38
Q

Debt investments are recorded as what on the classified balance sheet?

A

current assets

39
Q

A/R is recorded as what on the classified balance sheet?

A

current assets

40
Q

Inventory is recorded as what on the classified balance sheet?

A

current assets

41
Q

Supplies are recorded as what on the classified balance sheet?

A

current assets

42
Q

Long-term stock investments are recorded as what on the classified balance sheet?

A

Long-term investments

43
Q

Investments in real estate are recorded as what on the classified balance sheet?

A

Long-term investments

44
Q

Land is recorded as what on the classified balance sheet?

A

Property, plant, and equipment

45
Q

Accumulated depreciation is recorded as what on the classified balance sheet?

A

a decrease to Property, plant and equipment

46
Q

Patents are recorded as what on the classified balance sheet?

A

Intangible assets

47
Q

Accounts payable are recorded as what on the classified balance sheet?

A

Current liabilities

48
Q

Unearned service revenue is recorded as what on the classified balance sheet?

A

Current liabilities

49
Q

Salaries and wages payable are recorded as what on the classified balance sheet?

A

Current liabilities

50
Q

Interest payable is recorded as what on the classified balance sheet?

A

Current liabilities

51
Q

Mortgage payable is recorded as what on the classified balance sheet?

A

Long-term liabilities

52
Q

Notes payable, due in 5 years, are recorded as what on the classified balance sheet?

A

Long-term liabilities

53
Q

Common stock is recorded as what on the classified balance sheet?

A

Stockholders’ equity

54
Q

Retained Earnings (ending) is recorded as what on the classified balance sheet?

A

Stockholders’ equity

ACC101 (6 decks)

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