Accounting 104 CH 1-9 REVIEW NEW

Front

The normal balance side of an asset account is the

Back

debit side

Front

The normal balance side of any expense account is: debit side, credit side, right side, none of the above

Back

debit side

Front

When a business pays for insurance, Prepaid Insurance is

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increased with a debit

Front

When supplies are bought on account, the account debited is

Back

Supplies

Front

The procedure for transferring information from a journal entry to a ledger account is:

Back

posting

Front

A business has total cash of $30,000 on account, buys insurance coverage of $750, buys supplies for $1200, and pays $300 more on account. What is the balance of the cash account now?

Back

$30,000 - $750 - $1,200 - $300 = $27,750

Front

Journal entries used to prepare temporary accounts for a new fiscal period.

Back

Closing Entries

Front

An equation showing the relationship among, assets, liabilities, and owner’s equity.

Back

Accounting equation

Front

Transferring information from a journal entry to a ledger account.

Back

Posting

Front

A financial statement that reports assets, liabilities, and owner’s equity on a specific date.

Back

Balance Sheet