Debits
& Credits
100
200
300
400
500
Accounting I
Analyzing
Transactions
Adjusting &
Closing Entries
Financial
Statements
100
200
300
400
500
100
200
300
400
500
100
200
300
400
500
Answer
Miscellaneous
Accounting
100
200
300
400
500

Debits & Credits -100
• An account type that measures resources of the business and is increases on the debit side.
• What is an Asset?
Answer Question

Debits & Credits -200
• Accumulated Depreciation, Wages
Payable, and Fees Earned
• What are accounts that increase on the credit side?
Answer Question

Debits & Credits -300
• The investment of an owner into the company is recorded as a ______ to capital stock.
• What is a credit?
Answer Question

Debits & Credits -400
• Paying a utility bill for $400 would require the journal entry to debit the utilities expense account and credit the
_________ account.
• What is cash?
Answer Question

Debits & Credits -500
• Accumulated Depreciation is a contra asset account. To decrease this account would be represented by a __________.
• What is a debit?
Answer Question

Analyzing Transactions -100
• Mr. Smith invests $10,000 cash and
$35,000 in equipment to XYZ
Incorporated. This transaction would debit the _________ & ________ accounts.
• What is cash & equipment?
Answer Question

Analyzing Transactions -200
• Recording a customer purchase on account would require this journal entry.
• What is a debit to accounts receivable and a credit to revenue ?
Answer Question

Analyzing Transactions -300
• An entry to record the purchase of supplies on account would include a debit to _______ and a credit to ________.
• What is a debit to supplies and a credit to accounts payable?
Answer Question

Analyzing Transactions -400
• The entry to record a customer payment for services in advance.
• What is a debit to cash and a credit to unearned fees?
Answer Question

Analyzing Transactions -500
• The journal entry to record depreciation of an asset.
• What is a debit to depreciation expense and a credit accumulated depreciation?
Answer Question

Adjusting & Closing Entries-100
• The temporary account used at the end of a financial period to zero out revenue and expenses.
• What is income summary?
Answer Question

Adjusting & Closing Entries-200
• An inventory of supplies reveals that of the starting balance of $1010, $527 remain. The journal entry to record this is ________________.
• What is debit to supplies expense for
$483 and a credit to supplies for the same amount.
Answer Question

Adjusting & Closing Entries-300
• The company prepays for rent six months in advance. The payment of
$1200 was made at the beginning of this month. The entry at the end of the month will be ______________.
• What is a debit to rent expense for $200 and a credit to prepaid rent for the same amount.
Answer Question

Adjusting & Closing Entries-400
• The computer equipment in the office depreciates at a rate of $1050 per year.
The end of year adjusting entry is
_________________.
• What is a debit to depreciation expense and a credit to accumulated depreciation
– computer equipment .
Answer Question

Adjusting & Closing Entries-500
• The order in which accounts are closed at the end of a financial period.
• What is revenue, expenses, income summary, dividends?
Answer Question

Financial Statements -100
• The accounting equation in report format.
• What is the balance sheet?
Answer Question

Financial Statements -200
• The bottom line of this statement is net income.
• What is the income statement?
Answer Question

Financial Statements -300
• The fourth financial statement that measures cash inflows and outflows.
• What is the statement of cash flows?
Answer Question

Financial Statements -400
• A starting point for calculating financial statements that checks to make sure debits equal credits.
• What is a trial balance?
Answer Question

Financial Statements -500
• The order in which statements are prepared.
• What is income statement, statement of retained earnings, and balance sheet?
Answer Question

Misc. Accounting-100
• The third step in the closing process.
• What is transferring net income or loss to owner’s capital or closing the income summary account?
Answer Question

Misc. Accounting -200
• Warren, Reeve, & Duchac
• Who are the authors of the text for
Accounting I?
Answer Question

Misc. Accounting -300
• Left side
• What is debit?
Answer Question

Misc. Accounting - 400
• This term means not paid.
• What is accrued?
Answer Question

Misc. Accounting - 500
• The accounting equation.
• What is assets = liabilities + owner’s equity?
Answer Question

FINAL JEOPARDY
• True or False:
The accounting equation can be stated as
Owners Equity = Assets - Liabilities
• True
Answer Question