In each blank, try to type in the
word that is missing. If you've
typed in the correct word, the
blank will turn green.
If your not sure what answer should be entered, press the space bar and the next missing letter will be displayed. When you are all done, you should look back over all your answers and review the ones in red. These ones in red are the ones which you needed help on. Question: ACCOUNTINGAnswer: that records the impact of a business event as it occurs, regardless of wheter the transaction affected cash. Question: EXPENSEAnswer: An expense that the business has but not yet paid. (taxes) Question: ACCRUED Answer: A that has been earned but not yet collected in cash. (commissons,) Question: DEPRECIATIONAnswer: The cumulative sum of all depreciation expense recorded for an . Question: TRIAL BALANCEAnswer: A list of all the accounts with their adjusted . Question: ADJUSTING Answer: Entry made at the end of the period to assign revenues & expenses to the period they are or incurred. Adj. entries help measure the period's income and bring the related asset and liability accounts to correct bal. for the financial statements. Question: BOOK VALUE(of a Asset)Answer: The asset's cost minue accumulated Question: CASH-BASIS Answer: accounting that records transactions only when cash is or paid Question: ACCOUNTAnswer: An account that always has a companion account and whose normal balance is opposite that of the account Question: Answer: The of a plant asset's cost to expense over it useful like. Question: MATCHING Answer: Guide to accounting for expenses. Identify all incurred during the period, measures the expenses, and match them against the revenues earned during that same time period. Question: ASSETAnswer: Long-lived tangible assets-such as land, buildings, and equipment-used in the of a business Question: EXPENSEAnswer: Advance payments of expenses. Examples prepaid rent, prepaid insurance and prepaid supplies. Question: REVENUE Answer: The basis for recording revenues; tells accountants when to record revenue and the amount of to record. Question: TIME-PERIOD Answer: that information is reported at regular intervals. Question: REVENUEAnswer: A liability when a business collects cash from customers in advance of doing work. Also call Deferred revenue Question: DEFERRED Answer: A liabilty created when a business collects cash from in advance of doing work. Also called Unearned Revenue. Question: prepaidAnswer: CASH BEFORE EXPENSE Question: Answer: EXPENSE OR OCCURS BEFORE CASH Question: Types of journal entriesAnswer: Prepaid Exp.,Depreciation, Accrued (liability), Accrued Rev.(asset), Unearned Revenue. Question: Adjusting entries
PREPAID EXPENSE 1)Answer: Asset that will be used up in the future(Prepaid Rent, Supplies, Ins.)
The prepaid account like supplies when is an asset. Really this asset is an expense in disguise, it does not convert to an expense until the period it is used up. Question: Adjusting journal DEPRECIATION(2)Answer: Expensing of plant assets occurs, however the plant asset account is not reduced as w prepaids. A Contra account is used. When the adjusting entry is prepared to the plant assets it would be credited to accumulated depreciation account(contra) Question: adjusting journal EXPENSE(liability) (3)Answer: Expense incurred before the cash is paid. Accrued Liability is an expense that has been but not yet paid and is not an Accounts Payable.
Salary Exp Debit
Salary Payable or Accrued Salary Expense Credit
earned in dec being paid in jan Question: Adjusting entries
ACCRUED REVENUES (4)
Answer: Accrued Rev.(assets) earn rev. before receive cash and is not recorded in A/R yet.
Contractor build home 12/31 only half way done
Recv. or Accrued Revenue Debit half$
Service Rev Credit half $ Question: journal entries
UNEARNED REVENUE (5)Answer: Received cash before providing service or product
The unearned revenue is a liabilty since it is due to a or customer.
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