Jeopardy Template By Carl Lyman © September 2001.

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Recording Adjusting and Closing Entries for a Service Business
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Presentation transcript:

Jeopardy Template By Carl Lyman © September 2001

Jeopardy Category1Category2Category3Category

Credits  That’s all folks. Exit

Category 1 $100  A=L+OE

Category 1 $100  What is the Accounting Equation?

Category 1 $200  Accounts that are set to zero for the next accounting period

Category 1 $200  What are temporary accounts?

Category 1 $300  Tool used by accountants to analyze accounts

Category 1 $300  What is a T account?

Category 1 $400  Account that keeps track of the owner’s investment in the business

Category 1 $400  What is the capital account?

Category 1 $500  Entries made to match expenses used in the period they generated revenue

Category 1 $500  What are adjusting entries?

Category 2 $100  The difference between revenues and expenses when expenses are greater

Category 2 $100  What is net loss?

Category 2 $200  The right side of a t account

Category 2 $200  What is credit?

Category 2 $300  Normal balance

Category 2 $300  What is the increase side?

Category 2 $400  The left side of a t account

Category 2 $400  What is a debit?

Category 2 $500  Accounts listed on the income statement

Category 2 $500  What are revenues and expenses?

Category 3 $100  Accounts listed on the balance sheet

Category 3 $100  What are assets, liabilities and owner’s equity?

Category 3 $200  These accounts are the only ones listed on the post-closing trial balance

Category 3 $200  What are permanent accounts?

Category 3 $300  The transaction to record a sale on account

Category 3 $300  What is a debit to A/R and a credit to sales?

Category 3 $400  The account used to close revenues and expenses into

Category 3 $400  What is income summary?

Category 3 $500  The number of closing entries

Category 3 $500  What is four?

Category 4 $100  The number of adjusting entries

Category 4 $100  What is two?

Category 4 $200  Accounts with a normal debit balance

Category 4 $200  What are assets, withdrawal, and expenses?

Category 4 $300  Accounts with normal credit balances

Category 4 $300  What are Liabilities, Owner’s Equity and Revenue?

Category 4 $400  Increase the cash account

Category 4 $400  What is a debit?

Category 4 $500  The transaction when supplies are bought on account

Category 4 $500  What is a debit to supplies and a credit to A/P?