1 / 39

Adjustments and Closing Entries for a Corporation JEOPARDY

Adjustments and Closing Entries for a Corporation JEOPARDY. Adjustments & Closing for a Corporation. Financial Statements - 100. The income statement of a merchandising business has three main sections…. what is . . . Revenue, Cost of Merchandise Sold and Expenses. Financial Statements - 200.

micheal
Download Presentation

Adjustments and Closing Entries for a Corporation JEOPARDY

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Adjustments and Closing Entries for a CorporationJEOPARDY

  2. Adjustments & Closing for a Corporation

  3. Financial Statements - 100 The income statement of a merchandising business has three main sections… what is . . .Revenue, Cost of Merchandise Sold and Expenses

  4. Financial Statements - 200 A financial statement that shows changes in a corporation’s ownership for a fiscal period what is . . .A statement of Owner’s Equity

  5. Financial Statements - 300 The two sections in a statement of stockholders’ equity what are . . .Capital Stock & Retained Earnings

  6. Financial Statements - 400 Calculation for the book value of Accounts receivable What is . . .Accounts receivable less Allowance for Uncollectible Accounts

  7. Financial Statements - 500 Two classifications of Assets for our Merchandising Balance sheet what are . . .Current Assets and Plant Assets

  8. Financial Statements - 600 A value assigned to a share of stock and printed on the stock certificate is called  what is . . .Par Value

  9. Adjusting Entries - 100 The purpose of adjusting entries what is . . .Bring the general ledger account balances up to date.

  10. Adjusting Entries - 200 Which accounting concept relates to the adjusting entry procedure what is . . . Matching revenue with expenses

  11. Adjusting Entries - 300 Company ABC estimated that 2,000 will be uncollectible; the adjusting entry… what is . . .DR Uncollectible Accts. Expense, CR Allowance for Uncoll. Accts

  12. Adjusting Entries - 400 Adjusting Entry for Merchandise Inventory when the count at year end is lower…  what is . . .Dr. Income Summary. Cr. Merchandise Inventory

  13. Adjusting Entries - 500 Adjusting entry for depreciation store Equip… what is . . .Dr Depreciation Expense, Cr Accum. Depre – Store Equip

  14. Adjusting Entries - 600 • The balance in supplies prior to adjustments is 3,480. Supplies on hand is 750 what is . . . Dr Supplies Expense and Cr Supplies Office $2,730

  15. Closing Entries - 100 This account is used only at the end of the fiscal period to help prepare accounts for a new fiscal period. what is . . . Income Summary Account

  16. Closing Entries - 200 Assets, Liability and Owner’s Capital Accounts what is . . .Permanent or Real Accounts

  17. Closing Entries - 300 The first step to the closing process what is . . . Close income statement accounts with credit balances (Sales, Purchase Discounts, Purchases R & A)

  18. Closing Entries - 400 The third step in the closing process what is . . .Closing entry to record net income (or loss); zero out income summary

  19. Closing Entries - 500 The fourth step in the closing process what is . . .Closing entry for dividends. (Dr retained earnings, Cr dividends)

  20. Closing Entries - 600 Four steps to close the temporary accounts  what are . . . Close Income statement account Cr balances; Close Income statement account Dr balances; Close Income Summary (record profit or loss); Close Dividends

  21. Post Closing Trial - 100 These accounts have up to date balances to begin the new fiscal period. what are . . .Balance sheet accounts (A, L, OE)

  22. Post Closing Trial - 200 These accounts have zero balances to begin the new fiscal period. what are . . .Temporary accounts (Revenue, Cost and Expense Accounts)

  23. Post Closing Trial - 300 This is prepared to prove the equality of debits and credits in the general ledger and to prepare the GL for the next fiscal period. what is . . .Post Closing Trial Balance

  24. Post Closing Trial - 400 The supporting reports prepared for the balance sheet.  what are . . .Schedule of Accounts Receivable and Accounts Payable

  25. Post Closing Trial - 500 The normal balance of Capital Stock what is . . . Credit

  26. Post Closing Trial - 600 The normal balance of Merchandise Inventory what is . . . Debit

  27. Vocab/Concepts - 100 A comparison between two items of financial information what is . . .A financial ratio

  28. Vocab/Concepts - 200 The amount of net income after federal income tax belonging to a single share of stock what is . . .Earnings Per Share

  29. Vocab/Concepts - 300 The relationship between the market value per share and earnings per share  what is . . .Price-earnings ratio

  30. Vocab/Concepts - 400 The two contra accounts for Sales what are . . . Sales discounts and Sales Return and allowance.

  31. Vocab/Concepts - 500 The normal balance for an Income Summary Account what is . . .Zero

  32. Vocab/Concepts - 600 Companies with a high price-earnings ratio  what are . . .Growth Companies

  33. GRAB BAG - 100 The financial statements should provide information about a business’s financial condition, changes in this financial condition and the progress of operations what is . . .Adequate Disclosure

  34. GRAB BAG - 200 Financial information must be reported the same way from one fiscal period to the next what is . . .Consistent Reporting

  35. GRAB BAG - 300 A source document is prepared for each transaction. what is . . .Objective Evidence

  36. GRAB BAG - 400 The amount an owner expects to receive when a plant asset is removed from use  what is . . .Estimated salvage value

  37. GRAB BAG - 500 The total amount of depreciation expense that has been recorded since the purchase of a plant asset what is . . . Accumulated depreciation

  38. GRAB BAG - 600 The special journal used to record sales on account. what is . . .Sales Journal

  39. Final Jeopardy • Calculate Total Cost of Merchandise Available for Sale

More Related