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26 Cards in this Set

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which of the following accounts never debited or credited during the accounting periods
merchandise inventory
actually counting the goods on hand at the end of the accounting period and determining the cost is these goods by reviewing the accounting records is called
the physical inventory
a beginning inventory of 75,000 is removed from the merchandise inventory account by
crediting 75,000 in merchandise inventory
unearned revenue is reported as a(n)
current liability on the balance sheet
the income summary account after adjusting entries are posted reflects the
beginning and ending inventory amounts
if the ending inventory is overstated for any reason
net income will be overstated
which accounts balance is not used to complete the cost of goods sold
sales
sports inc, plans to sell season football tickets for 10 games played from September through November. this tickets sell $5 each at the gate or 45 per season package purchased before April 30. On April 30, the office reports 200 season tickets packages and has only 50 left, the correct entry to record the sale of the season tickets is
debit cash and credit Unearned Revenue for 9,000
Under the perpetual inventory method, when inventory is purchased, Merchandise inventory
is debited and cash or accounts payable is credited
cash received prior t delivering a product or performing a service is called a(n)
unearned revenue
if a difference is found between the physical count an the amount in the perpetual inventory records, an adjusting entry is made to which of the following accounts
Inventory short and over
A typical account found under the heading of "Revenue" in a chart of accounts
Sales
an example of contra-revenue is
Sales returns and allowance
which of the following accounts would NOT be found under the heading "Cost of Goods Sold" in a chart of accounts.
Supplies
in preparing a work sheet, the amounts for the Trial Balance columns are copied from the
general ledger
if purchases is account no.501, the correct account number for the purchases return and allowance is
501.1
both the debit and credit amounts from which of the following accounts are extended to the Adjusted Trial Balance columns of the work sheet
Income summary
during the accounting period, the Unearned Revenue account had a balance of 50,000 for computer equipment and software yet to be delivered, On March 31, a delivery of all of the equipment was made, living 5,000 worth of software pending. the correct journal entry to record this activity on March 31, is
debit unearned revenue and credit Revenue for 45,000
A work sheet is prepared
for the (period) ended (date)
merchandise inventory is listed as a(n)
current asset
on a work sheet, the debit column of the Income Statement totals 550,356 and the Credit columns totals 734,225 this presents
A net income for the business
at the end of the accounting period, the correct entry in the general journal to adjust for ending inventory is to
debit merchandise inventory and credit income summary
which if the following is not a formal part of the accounting system
the work sheet
on a work sheet, the Debit columns of the Income Statement an the Balance Sheet both total more than the credits column. this represent
an error in the accounting procedures for the period
on a work sheet the amount entered in the Credit columns of the Balance Sheet to balance the debits and is credit is 56,000 this represents
a net income of 56,000
at the end of the accounting period the correct entry in the general journal to adjust for beginning inventory is to
debit income summary and to credit merchandise inventory