1. ACCOUNTING JEOPARDY
ACCOUNTING REVIEW
DOCSEDA

2. 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

3. BOUGHT SUPPLIES ON ACCOUNT FROM HOME DEPOT.
Debit/Credit 100
BOUGHT SUPPLIES ON ACCOUNT FROM HOME DEPOT.
A: What is a debit to Prepaid Supplies Expense and credit to Accounts Payable/Home Depot?
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4. PERFORMED BILLABLE SERVICES ON ACCOUNT FOR CUSTOMER.
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)?
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5. OWNER WITHDREW CASH FOR PERSONAL USE.
Debit/Credit 300
OWNER WITHDREW CASH FOR PERSONAL USE.
A: What is a debit to Owner, Drawing and credit to Cash?
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6. Received $100 from customer to decrease amount owed.
Debit/Credit 400
Received $100 from customer to decrease amount owed.
A: What is a debit Cash and credit Accounts Receivable?
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7. Paid $2,000 for legal fees incurred.
Debit/Credit 500
Paid $2,000 for legal fees incurred.
A: What is a debit to Legal Expense and credit to Cash?
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8. Adjustments 100
This journal entry represents adjustment to Prepaid Insurance based on Trial Balance as of 12/31/03 and additional information shown below:
A: What is debit to Insurance Expense and credit to Prepaid Insurance for $8?
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9. Adjustments 200
This journal entry represents adjustment to Unearned Revenue based on Trial Balance as of 12/31/03 and additional information shown below:
A: What is debit to Unearned Revenue and credit to Service Revenue for $4?
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10. Adjustments 300
This journal entry represents depreciation adjustment based on Trial Balance as of 12/31/03 and additional information shown below:
A: What is debit to Depreciation Expense and credit to Accumulated Depreciation-Equipment for $6?
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11. Adjustments 400
This journal entry represents supplies adjustment based on Trial Balance as of 12/31/03 and additional information shown below:
A: What is debit to Supplies Expense and credit to Supplies for $6?
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12. Adjustments 500
This journal entry represents accrued revenue adjustment based on Trial Balance as of 12/31/03 and additional information shown below:
A: What is debit to Accounts Receivable and credit to Service Revenue for $1 ?
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13. Income Statement 100 A: What is $56?
This amount represents Net Sales based on Worksheet as of 12/31/03 shown below:
A: What is $56?
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14. Income Statement 200 A: What is $50?
This amount represents Total Operating Expenses based on Worksheet as of 12/31/03 shown below:
A: What is $50?
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15. Income Statement 300 A: What is $6?
This amount represents Net Income based on Worksheet as of 12/31/03 shown below:
A: What is $6?
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16. Income Statement 400
This entry represents the closing journal entry related to revenue based on Worksheet as of 12/31/03 shown below:
A: What is debit to Service Revenue and credit to Income Summary for $56?
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17. Income Statement 500
This journal entry closes the income summary account based on Worksheet as of 12/31/03 shown below:
A: What is debit to Income Summary and credit to J. Lopez, Capital for $6?
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18. Balance Sheet 100 A: What is $58 [30+20+4+4]?
This amount represents Total Current Assets based on Worksheet as of 12/31/03 shown below:
A: What is $58 [ ]?
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19. A: What is $30,000[Assets=Liabilities+Equity]?
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]?
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20. A: What is Current Liability?
Balance Sheet 300
This category is used to classify Unearned Revenue account on Balance Sheet.
A: What is Current Liability?
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21. Balance Sheet 400 A: What is $28[40-12]?
This amount represents the book value of Equipment based on Worksheet as of 12/31/03 shown below:
A: What is $28[40-12]?
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22. Balance Sheet 500
This amount represents the business worth of company shown below on Worksheet as of 12/31/03:
A: What is $ 68 [64(Beg.Bal)+6(NI)-2(Drawing]?
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23. A – L = E Statement of Equity 100
A: What is Assets – Liabilities = Equity (Accounting Equation)?
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24. 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?
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25. Statement of Equity 300 A: What is $68 [64-2+6]?
This amount represents Total Owner’s Equity for company shown below on Worksheet as of 12/31/03:
A: What is $68 [64-2+6]?
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26. 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?
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27. Statement of Equity 500 A: What is $8 (Net Income + Owner’s Drawing)?
This amount represents J. Lopez’s self-employment income based on Worksheet as of 12/31/03 shown below:
A: What is $8 (Net Income + Owner’s Drawing)?
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