Adjustments and Closing Entries for a Corporation JEOPARDY

Adjustments and Closing Entries for a Corporation JEOPARDY

Adjustments & Closing for a Corporation Financial Statements Adjusting Entries Closing Entries Post Closing Trial Balance 100 100 100 200 200 200 300 300 300 400 400 400 500 500 500 600 600 600 Vocabula ry GRAB BAG

Financial Statements - 100 § The income statement of a merchandising business has three main sections… what is. . . Revenue, Cost of Merchandise Sold and Expenses

Financial Statements - 200 § A financial statement that shows changes in a corporation’s ownership for a fiscal period what is. . . Equity A statement of Owner’s

Financial Statements - 300 § The two sections in a statement of stockholders’ equity what are. . . Capital Stock & Retained Earnings

Financial Statements - 400 § Calculation for the book value of Accounts receivable What is. . . Accounts receivable less Allowance for Uncollectible Accounts

Financial Statements - 500 § Two classifications of Assets for our Merchandising Balance sheet what are. . . Current Assets and Plant Assets

Financial Statements - 600 § A value assigned to a share of stock and printed on the stock certificate is called what is. . . Par Value

Adjusting Entries - 100 § The purpose of adjusting entries what is. . . Bring the general ledger account balances up to date.

Adjusting Entries - 200 § Which accounting concept relates to the adjusting entry procedure what is. . . Matching revenue with expenses

Adjusting Entries - 300 § Company ABC estimated that 2, 000 will be uncollectible; the adjusting entry… what is. . . DR Uncollectible Accts. Expense, CR Allowance for Uncoll. Accts

Adjusting Entries - 400 § Adjusting Entry for Merchandise Inventory when the count at year end is lower… what is. . . Dr. Income Summary. Cr. Merchandise Inventory

Adjusting Entries - 500 § Adjusting entry for depreciation store Equip… what is. . . Dr Depreciation Expense, Cr Accum. Depre – Store Equip

Adjusting Entries - 600 § The balance in supplies prior to adjustments is 3, 480. Supplies on hand is 750 what is. . . Dr Supplies Expense and Cr Supplies Office $2, 730

Closing Entries - 100 § This account is used only at the end of the fiscal period to help prepare accounts for a new fiscal period. what is. . . Income Summary Account

Closing Entries - 200 § Assets, Liability and Owner’s Capital Accounts what is. . . Permanent or Real Accounts

Closing Entries - 300 § The first step to the closing process what is. . . Close income statement accounts with credit balances (Sales, Purchase Discounts, Purchases R & A)

Closing Entries - 400 § The third step in the closing process what is. . . Closing entry to record net income (or loss); zero out income summary

Closing Entries - 500 § The fourth step in the closing process what is. . . Closing entry for dividends. (Dr retained earnings, Cr dividends)

Closing Entries - 600 § Four steps to close the temporary accounts what are. . . Close Income statement account Cr balances; Close Income statement account Dr balances; Close Income Summary (record profit or loss); Close Dividends

Post Closing Trial - 100 § These accounts have up to date balances to begin the new fiscal period. what are. . . Balance sheet accounts (A, L, OE)

Post Closing Trial - 200 § These accounts have zero balances to begin the new fiscal period. what are. . . Temporary accounts (Revenue, Cost and Expense Accounts)

Post Closing Trial - 300 § This is prepared to prove the equality of debits and credits in the general ledger and to prepare the GL for the next fiscal period. what is. . . Post Closing Trial Balance

Post Closing Trial - 400 § The supporting reports prepared for the balance sheet. what are. . . Schedule of Accounts Receivable and Accounts Payable

Post Closing Trial - 500 § The normal balance of Capital Stock what is. . . Credit

Post Closing Trial - 600 § The normal balance of Merchandise Inventory what is. . . Debit

Vocab/Concepts - 100 § A comparison between two items of financial information what is. . . A financial ratio

Vocab/Concepts - 200 § The amount of net income after federal income tax belonging to a single share of stock what is. . . Earnings Per Share

Vocab/Concepts - 300 § The relationship between the market value per share and earnings per share what is. . . Price-earnings ratio

Vocab/Concepts - 400 § The two contra accounts for Sales what are. . . Sales discounts and Sales Return and allowance.

Vocab/Concepts - 500 § The normal balance for an Income Summary Account what is. . . Zero

Vocab/Concepts - 600 § Companies with a high price-earnings ratio what are. . . Growth Companies

GRAB BAG - 100 § The financial statements should provide information about a business’s financial condition, changes in this financial condition and the progress of operations what is. . . Adequate Disclosure

GRAB BAG - 200 § Financial information must be reported the same way from one fiscal period to the next what is. . . Consistent Reporting

GRAB BAG - 300 § A source document is prepared for each transaction. what is. . . Objective Evidence

GRAB BAG - 400 § The amount an owner expects to receive when a plant asset is removed from use what is. . . Estimated salvage value

GRAB BAG - 500 § The total amount of depreciation expense that has been recorded since the purchase of a plant asset what is. . . Accumulated depreciation

GRAB BAG - 600 § The special journal used to record sales on account. what is. . . Sales Journal

Final Jeopardy § Calculate Total Cost of Merchandise Available for Sale Merchandise Inventory 1/1 140, 480. 00 Net Purchases 204, 826. 90 Merchandise Inventory 12/31 124, 640. 00 Purchases Discounts 1, 648. 15