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Inter ACCT 1 exam 1

chap 3

TermDefinition
balance sheet accounts
Nominal (temporary) accounts income statement accounts
Journal book of original entry
ledger final entry, list of account
postin transferring from J to L
adjusting entries Entries made at the end of an accounting period to bring all accounts up to date on an accrual basis,
CLOSING ENTRIES The formal process by which the enterprise reduces all nominal accounts to zero and determines and transfers the net income or net loss to an owners’ equity account.
balance sheet fi nancial condition of the enterprise at the end of a period.
income statement results of operations during the period
statement of cash fl ows reports the cash provided and used by operating, investing, and fi nancing activities during the period.
statement of retained earnings reconciles the balance of the retained earnings account from the beginning to the end of the period.
Accouting cycle journalize, post, trial balance, adjustments, fin statement prep, closing entries, post closing trial balance,
Defferals expenses or revenues that are recognized at a date later than the point when cash was originally exchanged. The two types of deferrals are prepaid expenses and unearned revenues. statements overstated otherwise
accruals accrued revenues and accrued expenses, statement understaed otherwise
Prepaid expense adjusting reason Expenses paid in cash before they are used or consumed
unearned revenue adjusting reason Cash received before services are performed
accrued revenues adjusting reason Revenues for services performed but not yet received in cash or recorded.
Accrued expenses adjusting reason Expenses incurred but not yet paid in cash or recorded.
prepaid expense adjusting entry debit prepaid expense credit prepaid insurances (asset)
unearned revenue adjusting entry debit unearned revenue (liability) credit sales/services revenue account
Supplies adjusting entries supplies used up debit supplies expense ( credit supplies
insurance adjusting entries insurance depreciating from date purchased deb insurance expense cred prepaid insurance
depreciaton adjusting entries debit depreciation expense credit accumulated depreciation-equipment
book valjue original price - accumulated depreciation
entry for performing services or providing product before collecting payment Accrued reveneue A. Recievable/cash debit service/sale revenue credit
calculating interst face value*rate*x months over 12 months
adjusting interest entry debit interest expense credit interest payable
adjusting wages entry debit salaries and wages expense credit salaries and wages payable
bad debt entries debit bad debt expense credit allowance for doubt ful accounts
closing steps 1.) close revenue accounts, 2.] close expense accounts, 3.]close income summary accounts, 4.] close dividends
1.) close revenue accounts, debit revenue accounts, credit income summary (if net loss vice versa)
2.] close expense accounts, debit income summary credit expense accounts
3.]close income summary accounts, if balance on credit side of income summary, debit balance to retained earnings (net income) if balance on debit side of income summary, creidt balance to retained earnings (net loss)
4.] close dividends/withdrawals debit retained earnings credit dividends/withdrawals
income statement format netsales- costof goods sold=gross income-expenses-intersest expense+interest revenue-income tax=netincome
Statement of Retained Earnings format Retained earnings beginning of period+income-dividends/withdrawals=retained earnings end of period
Current assets stuff that could be used up within a year cash, recievables, inventory, prepaid insurance, prepaid rent.
Property Plant and equipment equipment-accumulated depreciation
current liabilites notes, accounts, taxes payables
longterm liablities bonds payable
stock holders equity placed after liabilities on blance shets common stock issued and outstanding+retained earnings=total stockholdrs equity
Created by: Virajasaur
 

 



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