Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300...

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Question Answer Accounting I Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing Transactions Adjusting & Closing Entries Financial Statements Miscellaneous Accounting Final Final Jeopardy Jeopardy

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Transcript of Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300...

Page 1: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Accounting IAccounting I

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Debits & Credits

Analyzing Transactions

Adjusting & Closing Entries

Financial Statements

Miscellaneous Accounting

Final JeopardyFinal Jeopardy

Page 2: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Debits & Credits -100

• An account type that measures resources of the business and is increases on the debit side.

• What is an Asset?

Page 3: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Debits & Credits -200

• Accumulated Depreciation, Wages Payable, and Fees Earned

• What are accounts that increase on the credit side?

Page 4: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Debits & Credits -300

• The investment of an owner into the company is recorded as a ______ to capital stock.

• What is a credit?

Page 5: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Debits & Credits -400

• Paying a utility bill for $400 would require the journal entry to debit the utilities expense account and credit the _________ account.

• What is cash?

Page 6: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Debits & Credits -500

• Accumulated Depreciation is a contra asset account. To decrease this account would be represented by a __________.

• What is a debit?

Page 7: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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• Mr. Smith invests $10,000 cash and $35,000 in equipment to XYZ Incorporated. This transaction would debit the _________ & ________ accounts.

• What is cash & equipment?

Analyzing Transactions -100

Page 8: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Analyzing Transactions -200

• Recording a customer purchase on account would require this journal entry.

• What is a debit to accounts receivable and a credit to revenue?

Page 9: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Analyzing Transactions -300

• An entry to record the purchase of supplies on account would include a debit to _______ and a credit to ________.

• What is a debit to supplies and a credit to accounts payable?

Page 10: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Analyzing Transactions -400

• The entry to record a customer payment for services in advance.

• What is a debit to cash and a credit to unearned fees?

Page 11: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Analyzing Transactions -500

• The journal entry to record depreciation of an asset.

• What is a debit to depreciation expense and a credit accumulated depreciation?

Page 12: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Adjusting & Closing Entries-100

• The temporary account used at the end of a financial period to zero out revenue and expenses.

• What is income summary?

Page 13: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Adjusting & Closing Entries-200

• An inventory of supplies reveals that of the starting balance of $1010, $527 remain. The journal entry to record this is ________________.

• What is debit to supplies expense for $483 and a credit to supplies for the same amount.

Page 14: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Adjusting & Closing Entries-300

• The company prepays for rent six months in advance. The payment of $1200 was made at the beginning of this month. The entry at the end of the month will be ______________.

• What is a debit to rent expense for $200 and a credit to prepaid rent for the same amount.

Page 15: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Adjusting & Closing Entries-400

• The computer equipment in the office depreciates at a rate of $1050 per year. The end of year adjusting entry is _________________.

• What is a debit to depreciation expense and a credit to accumulated depreciation – computer equipment.

Page 16: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Adjusting & Closing Entries-500

• The order in which accounts are closed at the end of a financial period.

• What is revenue, expenses, income summary, dividends?

Page 17: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Financial Statements -100

• The accounting equation in report format.

• What is the balance sheet?

Page 18: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Financial Statements -200

• The bottom line of this statement is net income.

• What is the income statement?

Page 19: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Financial Statements -300

• The fourth financial statement that measures cash inflows and outflows.

• What is the statement of cash flows?

Page 20: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Financial Statements -400

• A starting point for calculating financial statements that checks to make sure debits equal credits.

• What is a trial balance?

Page 21: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Financial Statements -500

• The order in which statements are prepared.

• What is income statement, statement of retained earnings, and balance sheet?

Page 22: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Misc. Accounting-100

• The third step in the closing process.

• What is transferring net income or loss to owner’s capital or closing the income summary account?

Page 23: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Misc. Accounting -200

• Warren, Reeve, & Duchac

• Who are the authors of the text for Accounting I?

Page 24: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Misc. Accounting -300

• Left side

• What is debit?

Page 25: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Misc. Accounting - 400

• This term means not paid.

• What is accrued?

Page 26: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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Misc. Accounting - 500

• The accounting equation.

• What is assets = liabilities + owner’s equity?

Page 27: Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

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FINAL JEOPARDY

• True or False:

The accounting equation can be stated as Owners Equity = Assets - Liabilities

• True


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$500 $500 $400 $400 $300 $300 $200 $200 $100 $100 $500 $500 $400 $400 $300 $300 $200 $200 $100 $100 $500 $500 $400 $400 $300 $300 $200 $200 $100 $100.

No Slide Title · $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500

No Slide Title · $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500

200 300 400 500 Europe & Geography 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100.

200 300 400 500 Europe & Geography 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100.

JEOPARDY Nationalism Categories 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500.

JEOPARDY Nationalism Categories 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500.

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$400 $200 $400 $200 $100$100 $200 $500$500 $300 $200 $500 $100 $300 $100 $300 $500 $300 $400$400.

200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 BebidasFrutasVegetalesCarnesMisc. 100.

200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 BebidasFrutasVegetalesCarnesMisc. 100.

SymbolsGraphingSolvingCompoundMiscellaneou s 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500.

SymbolsGraphingSolvingCompoundMiscellaneou s 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500.

PeopleRulersDynastiesVocabularyPlaces 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500.

PeopleRulersDynastiesVocabularyPlaces 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500.

$100 $200 $300 $400 $500 $200 $300 $400 $500 $200 $300 $400 $500 $200 $300 $400 $500 $200 $300 $400 $500 $200 $300 $400 $500 OTHEROTHER IICAUSESPEOPLEBATTLES.

$100 $200 $300 $400 $500 $200 $300 $400 $500 $200 $300 $400 $500 $200 $300 $400 $500 $200 $300 $400 $500 $200 $300 $400 $500 OTHEROTHER IICAUSESPEOPLEBATTLES.

Parabolas $100 100 $300 $300 $200 200 $400 400 $500 500 $100 100 $300 300 $200 200 $400 400 $500 500 $100 100 $300 300 $200 200 $400 400 $500 500 $100.

Parabolas $100 100 $300 $300 $200 200 $400 400 $500 500 $100 100 $300 300 $200 200 $400 400 $500 500 $100 100 $300 300 $200 200 $400 400 $500 500 $100.

$100€¦ · $100 $400 $300 $200 $400 $200 $100 $100 $400 $200 $200 $500 $500 $300 $200 $500 $100 $300 $100 $300 $500 $300 $400 $400 $500

$100€¦ · $100 $400 $300 $200 $400 $200 $100 $100 $400 $200 $200 $500 $500 $300 $200 $500 $100 $300 $100 $300 $500 $300 $400 $400 $500

Jeopardy Jeopardy 200 100 200 300 400 500 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500.

Jeopardy Jeopardy 200 100 200 300 400 500 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500.

$ 200 200 $ 300 300 $ 400 400 $ 500 500 $ 100 $ 200 200 $ 300 300 $ 400 400 $ 500 500 $ 100 100 $ 200 200 $ 300 300 $ 400 400 $ 500 500 $ 100 100 $ 200.

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$100 $400 $300$200$400 $200$100$100$400 $200$200$500 $500$300 $200$500 $100$300$100$300 $500$300$400$400$500.

Jeopardy $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400 $300 $200 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 Business.

Jeopardy $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400 $300 $200 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 Business.

ItalyGermanyHitlerVocabMussolini 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500.

ItalyGermanyHitlerVocabMussolini 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500.

GeographyCultureDynastiesVocabularyReligion 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500.

GeographyCultureDynastiesVocabularyReligion 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500.