Adjusting entries Flashcards
1
Q
What’s the Acronym
A
L.O.A.NI.E.R
2
Q
What do the letters stand for?
A
Liabilities Owners Equity Assets Net Income Expenses Revenues
3
Q
Supplies
Prepaid
Depreciation of an asset
A
None Over Over Over Under None
4
Q
Wage Accrual
Interest you Owe (PAYABLE)
A
Under Over None Over Under None
5
Q
Unearned Account
A
Over Under None Under None Under
6
Q
Interest you’re due (RECEIVABLE)
Unbilled Items
A
None Under Under Under None Under
