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ACCOUNTING REVIEW ACCOUNTING JEOPARDY DOCSEDA Debit/CreditAdjustments Income Statement Balance SheetStatement of Equity 100 200 300 400 500.

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Presentation on theme: "ACCOUNTING REVIEW ACCOUNTING JEOPARDY DOCSEDA Debit/CreditAdjustments Income Statement Balance SheetStatement of Equity 100 200 300 400 500."— Presentation transcript:

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2 ACCOUNTING REVIEW ACCOUNTING JEOPARDY DOCSEDA

3 Debit/CreditAdjustments Income Statement Balance SheetStatement of Equity 100 200 300 400 500

4 Debit/Credit 100 BOUGHT SUPPLIES ON ACCOUNT FROM HOME DEPOT. A: What is a debit to Prepaid Supplies Expense and credit to Accounts Payable/Home Depot ? Docseda

5 Debit/Credit 200 A: What is a debit to Accounts Receivable and credit to Sales Revenue and Sales Tax Payable (if applicable)? PERFORMED BILLABLE SERVICES ON ACCOUNT FOR CUSTOMER. Docseda

6 Debit/Credit 300 A: What is a debit to Owner, Drawing and credit to Cash ? OWNER WITHDREW CASH FOR PERSONAL USE. Docseda

7 Debit/Credit 400 A: What is a debit Cash and credit Accounts Receivable ? Received $100 from customer to decrease amount owed. Docseda

8 Debit/Credit 500 A: What is a debit to Legal Expense and credit to Cash? Paid $2,000 for legal fees incurred. Docseda

9 A: What is debit to Insurance Expense and credit to Prepaid Insurance for $8? This journal entry represents adjustment to Prepaid Insurance based on Trial Balance as of 12/31/03 and additional information shown below: Docseda Adjustments 100

10 Adjustments 200 A: What is debit to Unearned Revenue and credit to Service Revenue for $4? This journal entry represents adjustment to Unearned Revenue based on Trial Balance as of 12/31/03 and additional information shown below: Docseda

11 Adjustments 300 A: What is debit to Depreciation Expense and credit to Accumulated Depreciation-Equipment for $6? This journal entry represents depreciation adjustment based on Trial Balance as of 12/31/03 and additional information shown below: Docseda

12 Adjustments 400 A: What is debit to Supplies Expense and credit to Supplies for $6 ? This journal entry represents supplies adjustment based on Trial Balance as of 12/31/03 and additional information shown below: Docseda

13 Adjustments 500 A: What is debit to Accounts Receivable and credit to Service Revenue for $1 ? This journal entry represents accrued revenue adjustment based on Trial Balance as of 12/31/03 and additional information shown below: Docseda

14 Income Statement 100 A: What is $56? This amount represents Net Sales based on Worksheet as of 12/31/03 shown below: Docseda

15 Income Statement 200 A: What is $50? This amount represents Total Operating Expenses based on Worksheet as of 12/31/03 shown below: Docseda

16 Income Statement 300 A: What is $6? This amount represents Net Income based on Worksheet as of 12/31/03 shown below: Docseda

17 Income Statement 400 A: What is debit to Service Revenue and credit to Income Summary for $56? This entry represents the closing journal entry related to revenue based on Worksheet as of 12/31/03 shown below: Docseda

18 Income Statement 500 A: What is debit to Income Summary and credit to J. Lopez, Capital for $6? This journal entry closes the income summary account based on Worksheet as of 12/31/03 shown below: Docseda

19 Balance Sheet 100 A: What is $58 [30+20+4+4]? Docseda This amount represents Total Current Assets based on Worksheet as of 12/31/03 shown below:

20 Balance Sheet 200 A: What is $30,000[Assets=Liabilities+Equity]? Docseda IF LIABILITIES EQUAL $18,000 AND OWNERS EQUITY EQUALS $12,000 THEN ASSETS EQUAL THIS AMOUNT.

21 Balance Sheet 300 A: What is Current Liability? This category is used to classify Unearned Revenue account on Balance Sheet. Docseda

22 Balance Sheet 400 A: What is $28[40-12]? This amount represents the book value of Equipment based on Worksheet as of 12/31/03 shown below: Docseda

23 Balance Sheet 500 A: What is $ 68 [64(Beg.Bal)+6(NI)-2(Drawing]? This amount represents the business worth of company shown below on Worksheet as of 12/31/03: Docseda

24 Statement of Equity 100 A: What is Assets – Liabilities = Equity (Accounting Equation)? A – L = E Docseda

25 Statement of Equity 200 A: What is Beginning Capital Balance + Owner Investments – Owners Withdrawals + Net Income – Net Loss? This detailed formula represents the standard format used to determine total owners equity on the Statement of Owners Equity. Docseda

26 Statement of Equity 300 A: What is $68 [64-2+6]? This amount represents Total Owners Equity for company shown below on Worksheet as of 12/31/03: Docseda

27 Statement of Equity 400 A: What is Contra-Equity account? This account category is used to classify Owners Drawing with a normal debit balance Docseda

28 Statement of Equity 500 A: What is $8 (Net Income + Owners Drawing)? Docseda This amount represents J. Lopezs self-employment income based on Worksheet as of 12/31/03 shown below:


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