Question Answer Accounting I Debits & Credits Analyzing Transactions Adjusting & Closing Entries Financial Statements Miscellaneous Accounting Final Jeopardy Final Jeopardy

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

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

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

Question Answer 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?

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

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

Question Answer 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?

Question Answer 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?

Question Answer 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?

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

Question Answer 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?

Question Answer 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.

Question Answer 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.

Question Answer 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.

Question Answer 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?

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

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

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

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

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

Question Answer 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?

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

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

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

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

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