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ACCT 1100 > CH. 1-3 > Flashcards

CH. 1-3 Flashcards

1
Q

Asset, Liability, or Equity: Receivables

A

Asset

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2
Q

Debit or Credit Balance: Dividends

A

Debit Balance

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3
Q

Accounting Equation

A

Assets= Liability + Equity

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4
Q

Debit or Credit Balance; Assets

A

Debit Balance

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5
Q

Debit or Credit Balance: Expenses

A

Debit Balance

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6
Q

Assets

A

Resources that provide future benefit

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7
Q

Debit or Credit Balance: Revenues

A

Credit Balance

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8
Q

Debit or Credit Balance: Liabilities

A

Credit Balance

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9
Q

Liabilities

A

Obligations that entail a future payment of cash, delivery of goods, performance of services

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10
Q

Debit or Credit Balance: Common Stock

A

Credit Balance

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11
Q

Debit or Credit Balance: Equity

A

Credit Balance

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12
Q

Equity

A

Residual ownership interest in the company

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13
Q

Journal Entry: Sales made for Cash

A

Debit Cash: Credit Revenue

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14
Q

Accumulated Depreciation

A

A contra asset account with a credit balance

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15
Q

Asset, Liability, or Equity: Land

A

Asset

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16
Q

Asset, Liability, or Equity: Dividends

A

Equity

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17
Q

Asset, Liability, or Equity: Payables

A

Liability

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18
Q

Journal Entry: Sales made on account

A

Debit Accounts receivable: Credit revenue

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19
Q

Unearned Revenue

A

Liability: Money paid in advance from costumers

Represents services to be performed or goods to be delivered in the future

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20
Q

Asset, Liability, or Equity: Buildings

A

Asset

21
Q

Asset, Liability, or Equity: Cash

A

Asset

22
Q

Adjusting Journal Entry: Accrued Revenues

A

Debit receivable: Credit Revenue

23
Q

Income Statement

A

Calculates Net Income for the period

  1. List all revenues and add them
  2. List all expenses and add them
  3. Subtract total expenses from total revenues to get Net Income
24
Q

Journal Entry: Expense incurred, but not paid

A

Debit Expenses: Credit Expenses payable

25
Q

Adjusting Journal Entry: Record supplies Expense

A

Debit Supplies expense: Credit Supplies

26
Q

Adjusting Journal Entry: Work performed by employees, but not yet paid

A

debit wage expense: Credit wages payable

27
Q

Closing Entries

A

Dr: Revenues Cr: Income summary
Dr: Income summary Cr: Expenses
Dr: Income summary Cr: Retained Earnings
Dr: Retained Earnings Cr: Dividends

28
Q

Journal Entry: Purchase of supplies with cash

A

Debit Supplies: Credit Cash

29
Q

Adjusting journal Entry: Expiration of prepaid insurance

A

Debit Ins. expense: Credit Prepaid Ins

30
Q

Adjusting Journal Entry: Earning Unearned Revenues

A

Debit unearned Revenues: Credit Revenues

31
Q

Temporary Accounts

A

Revenues, Expenses, and Dividends

32
Q

Balance Sheet

A

Particular point in time

  1. List current assets
  2. List long term assets
  3. Sum to get total assets
  4. List Liabilities
  5. List Equity
  6. Sum total liabilities with total equity: should match total assets
33
Q

Asset, Liability, or Equity: Expenses

A

Equity

34
Q

Asset, Liability, or Equity: Machinery and Equipment

A

Asset

35
Q

Asset Liability, or Equity: Common Stock

A

Equity

36
Q

Asset Liability or Equity: Furniture

A

Asset

37
Q

Depreciation Expense

A

Equity

38
Q

Prepaid Rent

A

Asset

39
Q

Journal Entry: Purchase of supplies on account

A

Debit Supplies: credit Accounts Payable

40
Q

Asset, Liability, or Equity: Automobiles

A

Asset

41
Q

Prepaid Insurance

A

Asset

42
Q

Journal Entry: Collection of cash from Sales Made on Account

A

Debit Cash: Credit Accounts receivable

43
Q

Asset, Liability, or Equity: Revenues

A

Equity

44
Q

Adjusting Journal Entry: Depreciation

A

Debit Depreciation Expense: Credit Accumalated Depreciation

45
Q

Journal Entry; Money earned, but not yet received

A

Debit accounts receivable: Credit revenue

46
Q

Statement of Retained Earnings

A

Show the net increase or decrease in equity for the company

  1. List beginning period Retained Earnings
  2. Add: Net Income
  3. Deduct: Dividends
  4. Sum 1-3 to get Ending Retained Earnings
47
Q

Temporary vs Permanent Accounts

A

Temporary accounts have their balances removed at the year end.
Permanent accounts carry balances from one year to the next

48
Q

Adjusting Journal Entry: Expiration of Prepaid Rent

A

Debit rent expense: Credit Prepaid rent

49
Q

Journal Entry: Money received in advance for future services/goods

A

Debit cash: Credit Unearned Revenue

ACCT 1100 (1 decks)

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