2. Instructions for using this template. Remember this is Jeopardy, so where I have written “Answer” this is the prompt the students will see, and where I have “Question” should be the student’s response. To enter your questions and answers, click once on the text on the slide, then highlight and just type over what’s there to replace it. If you hit Delete or Backspace, it sometimes makes the text box disappear. When clicking on the slide to move to the next appropriate slide, be sure you see the hand, not the arrow. (If you put your cursor over a text box, it will be an arrow and WILL NOT take you to the right location.)

3. Choose a category. You will be given the answer. You must give the correct question. Click to begin.

4. Click here for Final Jeopardy

5. Source Documents Posting GST & PST Journalizing Etiquette Teacher Trivia 10 Point 20 Points 30 Points 40 Points 50 Points 10 Point 20 Points 30 Points 40 Points 50 Points 30 Points 40 Points 50 Points Account Balance Effects

6. A purchase of goods or services is made on account. What type of source document does this represent?

7. Purchase Invoice

8. What account(s) are debited and credited when a sale of goods or services for cash is made?

9. DEBIT: Bank CREDIT: Sales or Revenue

10. Explain the Cost Principle?

11. The cost principle states that the accounting for purchases must be at the cost price to the purchaser

12. Give an example of a transaction for which there is no conventional source document.

13. An owner withdrawing money for personal use

14. Name 5 types of Source Documents

15. Cash Sales Slip POS Summaries Sales Invoices Cheque Copy Cash Receipts Daily Summary Bank Debit Advice Bank Credit Advice

16. Name 1 reason we use the P.R. column to cross- reference transactions.

17. 1.Entries in the accounts can easily be traced back to their source in the GJ 2.Entries in the journal can be followed through to the accounts where they have been posted. 3.If the posting process is interrupted, it is easy to tell where to begin again.

18. When errors are found immediately, how are they corrected?

19. Neatly cross out the incorrect figures or letters and write in the correct ones immediately above

20. When you need to start a new page in a ledger account, how is the balance transferred to the new page?

21. Take the balance from the previous page and put it in the first line on the new page, write “forwarded” in the particulars column.

22. An accounting clerk noticed that an invoice for $500 had been debited to the wrong account. The invoice was clearly for supplies but had been debited to the Equipment account. This error was noticed 6 months later. What is the correcting journal entry?

23. Debit: Supplies $500 Credit: Equipment $500

24. List the 6 steps of posting in order.

25. 1.Turn to the proper ledger account 2.Record the date on the next unused line 3.Record the page number of the journal in the PR column of the account 4.Record the amount in either the Debit or Credit column 5.Calculate and enter the new account balance column. Indicate whether the balance is a debit or credit balance in the DR/CR column 6.Record the account number to which the posting was made. Enter in PR column in the General Journal

26. When an asset account is debited, what happens to the account balance?

27. Increases

28. When a liability account is debited, what happens to the account balance?

29. Decreases

30. A _____ increases an expense account, whereas a _______ decreases an expense account.

31. A DEBIT increases an expense account, whereas a CREDIT decreases an expense account.

32. The BANK account has a debit balance of $1000, a credit is made to the account for $1500, what is the new balance?

33. BANK ACCOUNT Credit Balance of $500

34. The ACCOUNTS RECEIVABLE account has a Debit balance of $2000, a credit is made for $1800, what is the account balance?

35. ACCOUNTS RECEIVABLE ACCOUNT Debit Balance of $200

36. What are the names of the two accounts for GST in the ledger?

37. GST Recoverable GST Payable

38. How often are businesses required to remit taxes?

39. Monthly or Quarterly

40. GST Recoverable has a debit balance of $1500 GST Payable has a credit balance of $2000 What is the journal entry to record the GST remittance?

41. DEBIT: GST Payable $2000 CREDIT: GST Recoverable $1500 Bank $500

42. What is the journal entry for the following transaction? Assume PST is 8% and GST is 5%. A cash sale of goods at a price of $100.00

43. Debit: Bank $113 Credit: Sales $100 GST Payable $5 PST Payable $8

44. What four things is the seller of goods and services required to do regarding sales tax?

45. 1.Calculate the tax and add it on to the normal price of the goods 2.Collect the tax from the customer 3.Accumulate the sales tax charged to the customer in a special liability account, called PST Payable 4.Remit the accumulated sales tax to the provincial government periodically

46. Which accounts are indented in the general journal?

47. Credited Accounts

48. The _____ account(s) and amount(s) are recorded first. The ______ account(s) and amount(s) are recorded second and are indented.

49. The DEBITED account(s) and amount(s) are recorded first. The CREDITED account(s) and amount(s) are recorded second and are indented.

50. What is the name of the journal entry that starts the books off?

51. Opening Entry

52. How is the date recorded in the general journal? Year, Month, and Day

53. YEAR – Enter the year in small figures on the first line of each page. Do not repeat it for each entry. Enter a new year at the point on the page where it occurs. MONTH – Enter the month on the first line of each page. Do not repeat it for each entry. Enter a new month at the point where it occurs. DAY – Enter the day on the first line of each journal entry. The day is repeated no matter how many transactions occur on any given day.

54. List the four steps in recording a general journal entry (in order)

55. Step 1: Enter the day in the date column Step 2: Enter the names of the account(s) to be debited at the left side of the Particulars column. Enter the debit amounts in the Debit money column. Step 3: Enter the names of the account(s) to be credited. They are indented about 1.5 cm in the Particulars column. Enter the credit amounts in the Credit money column. Step 4: Write a brief explanation for the entry beginning at the left side of the Particulars column on the line beneath the last credit item.

56. What is Mr. Kralik’s first name?

57. Paul

58. What is Miss Lucas’ favourite sport?

59. Figure Skating

60. What kind of business did Mr. Kralik use to run?

61. Lawn

62. Name the 3 countries Miss Lucas has lived in.

63. Finland Canada United Kingdom

64. Name 3 teachers in the business department at Northern

65. Mr. Kralik Mr. Martell Mr. Millones Mr. Little Mr. Najak Miss Lucas Mr. Chihrin

66. Make your wager

67. Final Answer

68. Final Question