ACCOUNTING
JEOPARDY
ACCOUNTING REVIEW
DOCSEDA
Debit/Credit Adjustments
Income
Statement
Balance
Sheet
Statement
of Equity
100
100
100
100
100
200
200
200
200
200
300
300
300
300
300
400
400
400
400
400
500
500
500
500
500
Debit/Credit
100
BOUGHT SUPPLIES ON ACCOUNT
FROM HOME DEPOT.
Docseda
A: What is a debit to Prepaid Supplies
Expense and credit to Accounts
Payable/Home Depot?
Debit/Credit
200
PERFORMED BILLABLE SERVICES ON
ACCOUNT FOR CUSTOMER.
A: What is a debit to Accounts Receivable
and credit to Sales Revenue and Sales Tax
Payable (if applicable)?
Docseda
Debit/Credit
300
OWNER WITHDREW CASH FOR
PERSONAL USE.
A: What is a debit to Owner, Drawing and
credit to Cash?
Docseda
Debit/Credit
400
Received $100 from customer to decrease
amount owed.
A: What is a debit Cash and credit Accounts
Receivable?
Docseda
Debit/Credit
500
Paid $2,000 for legal fees incurred.
A: What is a debit to Legal Expense and
credit to Cash?
Docseda
Adjustments
100
This journal entry represents adjustment to Prepaid Insurance based on
Trial Balance as of 12/31/03 and additional information shown below:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Totals
Trial Balance
Debit
Credit
30
20
12
10
40
6
12
8
64
2
48
6
18
138
138
1.
2.
3.
4.
5.
6.
Additional Information
Expired insurance totals $8.
50% of unearned revenue has been
earned by balance sheet date.
Estimated depreciation of equipment
is $6.
Accrued wages amounts to $6.
Unused supplies on hand are $4.
Accrued revenue amounts to $1.
A: What is debit to Insurance Expense and credit to
Prepaid Insurance for $8?
Docseda
Adjustments
200
This journal entry represents adjustment to Unearned Revenue based
on Trial Balance as of 12/31/03 and additional information shown
Trial Balance
below:
Debit
Credit
Additional Information
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Totals
30
20
12
10
40
6
12
8
64
1. Expired insurance totals $8.
2. 50% of unearned revenue has been
earned by balance sheet date.
3. Estimated depreciation of equipment
is $6.
4. Accrued wages amounts to $6.
5. Unused supplies on hand are $4.
6. Accrued revenue amounts to $1.
2
48
6
18
138
138
A: What is debit to Unearned Revenue and credit
to Service Revenue for $4?
Docseda
Adjustments
300
This journal entry represents depreciation adjustment based on Trial Balance
as of 12/31/03 and additional information shown below:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Totals
Trial Balance
Debit
Credit
30
20
12
10
40
6
12
8
64
2
48
6
18
138
138
1.
2.
3.
4.
5.
6.
Additional Information
Expired insurance totals $8.
50% of unearned revenue has been
earned by balance sheet date.
Estimated depreciation of equipment
is $6.
Accrued wages amounts to $6.
Unused supplies on hand are $4.
Accrued revenue amounts to $1.
A: What is debit to Depreciation Expense and credit to
Accumulated Depreciation-Equipment for $6?
Docseda
Adjustments
400
This journal entry represents supplies adjustment based on Trial Balance
as of 12/31/03 and additional information shown below:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Totals
Trial Balance
Debit
Credit
30
20
12
10
40
6
12
8
64
2
48
6
18
138
138
Additional Information
1. Expired insurance totals $8.
2. 50% of unearned revenue has been
earned by balance sheet date.
3. Estimated depreciation of equipment
is $6.
4. Accrued wages amounts to $6.
5. Unused supplies on hand are $4.
6. Accrued revenue amounts to $1.
A: What is debit to Supplies Expense and credit to
Supplies for $6?
Docseda
Adjustments
500
This journal entry represents accrued revenue adjustment based on Trial
Balance as of 12/31/03 and additional information shown below:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Totals
Trial Balance
Debit
Credit
30
20
12
10
40
6
12
8
64
2
48
6
18
138
138
Additional Information
1. Expired insurance totals $8.
2. 50% of unearned revenue has been
earned by balance sheet date.
3. Estimated depreciation of equipment
is $6.
4. Accrued wages amounts to $6.
5. Unused supplies on hand are $4.
6. Accrued revenue amounts to $1.
A: What is debit to Accounts Receivable and credit
Docseda
to Service Revenue for $1 ?
Income Statement
100
This amount represents Net Sales based on Worksheet as of 12/31/03 shown
below:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Wages Payable
Insurance Expense
Depreciation Expense
Supplies Expense
Totals
Net income or loss
Totals
A: What is $56?
Docseda
Trial Balance
Debit
Credit
30
20
12
10
40
6
12
8
64
2
48
6
18
Adjustments
Debit
Credit
Income Statement
Debit
Credit
8
6
6
Balance Sheet
Debit
Credit
30
20
4
4
40
12
12
8
64
2
8
56
6
24
6
6
138
138
8
6
6
34
34
6
8
6
6
50
6
56
56
100
56
100
94
6
100
Income Statement
200
This amount represents Total Operating Expenses based on Worksheet as of
12/31/03 shown below:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Wages Payable
Insurance Expense
Depreciation Expense
Supplies Expense
Totals
Net income or loss
Totals
A: What is $50?
Docseda
Trial Balance
Debit
Credit
30
20
12
10
40
6
12
8
64
2
48
6
18
Adjustments
Debit
Credit
Income Statement
Debit
Credit
8
6
6
Balance Sheet
Debit
Credit
30
20
4
4
40
12
12
8
64
2
8
56
6
24
6
6
138
138
8
6
6
34
34
6
8
6
6
50
6
56
56
100
56
100
94
6
100
Income Statement
300
This amount represents Net Income based on Worksheet as of 12/31/03
shown below:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Wages Payable
Insurance Expense
Depreciation Expense
Supplies Expense
Totals
Net income or loss
Totals
A: What is $6?
Docseda
Trial Balance
Debit
Credit
30
20
12
10
40
6
12
8
64
2
48
6
18
Adjustments
Debit
Credit
Income Statement
Debit
Credit
8
6
6
Balance Sheet
Debit
Credit
30
20
4
4
40
12
12
8
64
2
8
56
6
24
6
6
138
138
8
6
6
34
34
6
8
6
6
50
6
56
56
100
56
100
94
6
100
Income Statement
400
This entry represents the closing journal entry related to revenue based on
Worksheet as of 12/31/03 shown below:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Wages Payable
Insurance Expense
Depreciation Expense
Supplies Expense
Totals
Net income or loss
Totals
Trial Balance
Debit
Credit
30
20
12
10
40
6
12
8
64
2
48
6
18
Adjustments
Debit
Credit
Income Statement
Debit
Credit
8
6
6
Balance Sheet
Debit
Credit
30
20
4
4
40
12
12
8
64
2
8
56
6
24
6
6
138
138
8
6
6
34
34
6
8
6
6
50
6
56
56
100
56
100
A: What is debit to Service Revenue and credit to Income
Summary for $56?
Docseda
94
6
100
Income Statement
500
This journal entry closes the income summary account based on Worksheet
as of 12/31/03 shown below:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Wages Payable
Insurance Expense
Depreciation Expense
Supplies Expense
Totals
Net income or loss
Totals
Trial Balance
Debit
Credit
30
20
12
10
40
6
12
8
64
2
48
6
18
Adjustments
Debit
Credit
Income Statement
Debit
Credit
8
6
6
Balance Sheet
Debit
Credit
30
20
4
4
40
12
12
8
64
2
8
56
6
24
6
6
138
138
8
6
6
34
34
6
8
6
6
50
6
56
56
100
56
100
A: What is debit to Income Summary and credit to J. Lopez,
Capital for $6?
Docseda
94
6
100
Balance Sheet
100
This amount represents Total Current Assets based on Worksheet as of
12/31/03 shown below:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Wages Payable
Insurance Expense
Depreciation Expense
Supplies Expense
Totals
Net income or loss
Totals
Trial Balance
Debit
Credit
30
20
12
10
40
6
12
8
64
2
48
6
18
Adjustments
Debit
Credit
Income Statement
Debit
Credit
8
6
6
8
64
2
8
56
6
24
6
6
138
138
8
6
6
34
34
A: What is $58 [30+20+4+4]?
Docseda
Balance Sheet
Debit
Credit
30
20
4
4
40
12
12
6
8
6
6
50
6
56
56
100
56
100
94
6
100
Balance Sheet
200
IF LIABILITIES EQUAL $18,000 AND
OWNER’S EQUITY EQUALS $12,000 THEN
ASSETS EQUAL THIS AMOUNT.
A: What is $30,000[Assets=Liabilities+Equity]?
Docseda
Balance Sheet
300
This category is used to classify Unearned
Revenue account on Balance Sheet.
A: What is Current Liability?
Docseda
Balance Sheet
400
This amount represents the book value of Equipment
based on Worksheet as of 12/31/03 shown below:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Wages Payable
Insurance Expense
Depreciation Expense
Supplies Expense
Totals
Net income or loss
Totals
Trial Balance
Debit
Credit
30
20
12
10
40
6
12
8
64
2
48
6
18
Adjustments
Debit
Credit
8
6
6
Balance Sheet
Debit
Credit
30
20
4
4
40
12
12
8
64
2
8
56
6
24
6
6
138
138
A: What is $28[40-12]?
Docseda
Income Statement
Debit
Credit
8
6
6
34
34
6
8
6
6
50
6
56
56
100
56
100
94
6
100
Balance Sheet
500
This amount represents the business worth of company
shown below on Worksheet as of 12/31/03:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Wages Payable
Insurance Expense
Depreciation Expense
Supplies Expense
Totals
Net income or loss
Totals
Trial Balance
Debit
Credit
30
20
12
10
40
6
12
8
64
2
48
6
18
Adjustments
Debit
Credit
Income Statement
Debit
Credit
8
6
6
Balance Sheet
Debit
Credit
30
20
4
4
40
12
12
8
64
2
8
56
6
24
6
6
138
138
8
6
6
34
34
6
8
6
6
50
6
56
56
100
56
100
A: What is $ 68 [64(Beg.Bal)+6(NI)-2(Drawing]?
Docseda
94
6
100
Statement of Equity
100
A–L=E
A: What is Assets – Liabilities = Equity
(Accounting Equation)?
Docseda
Statement of Equity
200
This detailed formula represents the standard
format used to determine total owner’s equity
on the Statement of Owner’s Equity.
A: What is Beginning Capital Balance + Owner
Investments – Owner’s Withdrawals + Net
Income – Net Loss?
Docseda
Statement of Equity
300
This amount represents Total Owner’s Equity for
company shown below on Worksheet as of 12/31/03:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Wages Payable
Insurance Expense
Depreciation Expense
Supplies Expense
Totals
Net income or loss
Totals
Trial Balance
Debit
Credit
30
20
12
10
40
6
12
8
64
2
48
6
18
Adjustments
Debit
Credit
8
6
6
Balance Sheet
Debit
Credit
30
20
4
4
40
12
12
8
64
2
8
56
6
24
6
6
138
138
8
6
6
34
A: What is $68 [64-2+6]?
Docseda
Income Statement
Debit
Credit
34
6
8
6
6
50
6
56
56
100
56
100
94
6
100
Statement of Equity
400
This account category is used to classify
Owner’s Drawing with a normal debit balance
A: What is Contra-Equity account?
Docseda
Statement of Equity
500
This amount represents J. Lopez’s self-employment
income based on Worksheet as of 12/31/03 shown below:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
J. Lopez, Capital
J. Lopez, Drawing
Service Revenue
Rent Expense
Wages Expense
Wages Payable
Insurance Expense
Depreciation Expense
Supplies Expense
Totals
Net income or loss
Totals
Trial Balance
Debit
Credit
30
20
12
10
40
6
12
8
64
2
48
6
18
Adjustments
Debit
Credit
Income Statement
Debit
Credit
8
6
6
Balance Sheet
Debit
Credit
30
20
4
4
40
12
12
8
64
2
8
56
6
24
6
6
138
138
8
6
6
34
34
6
8
6
6
50
6
56
56
100
56
100
A: What is $8 (Net Income + Owner’s Drawing)?
Docseda
94
6
100