Choc. Creme
Cruller
Boston Creme
Jelly
Glazed
1 POINT
1 POINT
1 POINT
1 POINT
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1 POINT
These are referred to as the owned
resources of the business.
What are assets?
2 POINTS
It’s referred to as GAAP
What are Generally Accepted
Accounting Principles
3 POINTS
3 main types of business organizations in
the US
What are sole proprietorships,
partnerships and corporations?
4 POINTS
The most business organizations in the US
are structured as these
What are sole proprietorships?
5 POINTS
This concept means that an entity is an
individual economic unit for which data are
recorded, analyzed and reported.
What is the business entity
concept?
1 POINT
This is when revenues are recorded.
What is earned?
2 POINTS
This is the normal balance carried by
Accounts Payable.
What is a credit balance?
3 POINTS
Company assets = $120,000
Owner’s equity = $70,000
This is the balance of the liability account.
What is $50,000?
4 POINTS
This is the process of initially recording a
business transaction.
What is Journalizing?
5 POINTS
This is where journal entries are first
recorded.
What is the General Journal?
1 POINT
This is the journal entry to record the
payment of an Account Payable.
What is:
dr. A/P xx
cr. Cash
xx
2 POINTS
The matching concept matches these two
items over a period of time.
What are revenues and
expenses?
3 POINTS
This is the journal entry to record the receipt
of cash for 2 months of rent (the cash was
received in advance of providing the service)
What is:
dr. Cash xx
cr. Unearned Rent Revenue xx
4 POINTS
This is the entry if the owner of the business
takes cash out for personal use.
What is:
dr. Drawings or Dividends xx
cr. Cash
xx
5 POINTS
Expenses are recorded when ______ ,
regardless of when ______ is spent.
What is incurred and cash?
1 POINT
Complete this sentence – Adjusting entries
affect at least one Balance sheet account
and one ________ statement account.
What is income?
2 POINTS
This is the type of account for unearned rent.
(think accounting equation)
What is a liability?
3 POINTS
This is the normal balance of unearned rent.
What is a credit balance?
4 POINTS
This accounts for the decrease in usefulness
of a fixed asset.
What is depreciation?
5 POINTS
The balance in the prepaid rent
account before adjustment at
the end of the year is $15,000,
which represents 3 months rent
paid on December 1st. This is
the 12/31 adjusting entry.
What is
Dr. Rent Expense 5000
Cr. Prepaid Rent 5000
1 POINT
This is the accounting equation.
Assets=Liabilities + Owner’s Equity
2 POINTS
This is the journal entry to purchase land for
cash of $27,500.
What is:
dr. land 27500
cr. Cash
27500
3 POINTS
These are the categories of items on the
balance sheet.
What are assets, liabilities and
owner’s equity?
4 POINTS
These are the types of items on the income
statement.
What are revenues and
expenses?
5 POINTS
This is the entry to record depreciation.
What is
Dr. Depreciation Expense
XX
Cr. Accumulated Depreciation
XX
CATEGORY:
Adjusting Entries
MAKE YOUR WAGER!
ANSWER:
This is the journal entry to record
the use of supplies during the
month. The unadjusted supply
balance was $1200 and a count at
the end of the year revealed $480
supplies remaining.
QUESTION
What is:
Dr. Supplies Expense 720
Cr. Supplies
720