Accounting - Semester 1 Final Exam Review

Front

What is the purpose of the numbers in the Post. Ref. columns of the general ledger account and the journal?

Back

An entry in an account can be traced to its source in a journal.

Front

What is the entry to establish a petty cash fund?

Back

Petty Cash

Front

What is the journal entry to adjust Supplies? (p. 158) Options: Supplies, Trial Balance, Debit, Adjustments, (a), Credit, Supplies Expense, Adjustments, (a), Debit

Back

Adjustments, (a), Credit

Front

What is the journal entry to adjust Prepaid Insurance?

Back

Adjustments, (b), Debit

Front

What is the journal entry to close Sales?

Back

Closing entries

Front

What is the journal entry to close the expense accounts?

Back

General Debit (total of all expenses)

Front

What is the journal entry to close the drawing account?

Back

General Credit

Front

What is the book definition of a special journal?

Back

A journal used to record only one kind of transaction

Front

What is markup? (p. 236)

Back

The amount added to the cost of merchandise to establish the selling price.

Front

How is the Purchases account classified? (p. 236)

Back

cost account