LIT 250 Study Guide - Midterm Guide: Income Statement, Financial Statement, Retained Earnings

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indigoeel698

18 Oct 2018

School

La Salle University

Department

Foreign Languages And Literatures

Course

LIT 250

Professor

Dr. Wentzel

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Document Summary

Unexpired insurance - asset, balance sheet: define: asset, liability, revenue, expense, owner"s equity. Asset - something that a company owns, or provides them with a future benefit (receivable) Liability - a debt or favored that is owed. Revenue - a product or service that generates cash, or revenue. Expense - amount a company can pay for. Revenues are recorded through the recognition principle or realization principle, while the expenses are recorded through matching principle. Recognition principle - when revenues are earned, they are recorded. Prepaid good or service that will be completed in the future. Realization principle - when the goods or services associated with the revenue are delivered. Good or service is done, cash may not be delivered: how do you increase the following (i. e. debit or credit) Dae (dividends, assets, expenses) [increase debits, decreases credits] Rol (revenues, owner"s equity, liabilities) [decreases debits, increases credits: define: general journal and general ledger.

Related Questions

For each item described: Identify the type of account (Asset,Liability, Equity, Revenue or Gain, Expense or Loss), normalbalance (Debit, Credit), financial statement (Balance Sheet, IncomeStatement), and whether the account is closed at the end of theperiod (Yes, No) by selecting the letter that best describes thoseattributes. If an account is a contra account, the answer will showthe account type in parentheses. Answer items may beused once, more than once, or not at all.

-	Sales & Services
-	Allowance to for Doubtful Accounts
-	Office Salaries Paid
-	Notes Payable
-	Cash
	Sales Returns & Allowances

1.	Expense or Loss, Debit, Income Statement, Yes
2.	Revenue or Gain, Credit, Income Statement, Yes
3.	Asset, Debit, Income Statement, Yes
4.	Liability, Credit, Income Statement, Yes
5.	Revenue, Credit, Balance Sheet, No
6.	(Asset), Credit, Balance Sheet, No
7.	(Revenue or Gain), Credit, Income Statement, Yes
8.	Asset, Debit, Balance Sheet, No
9.	Asset, Debit, Balance Sheet, No

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Question 18

FICA Tax Payable would appear on the:

		Balance Sheet
		Income Statement
		Statement of Owner's Equity

4 points

Question 19

Decrease Utilities Expense with a:

		Debit
		Credit

4 points

Question 20

The normal balance for Accounts Receivable is:

		Debit
		Credit

4 points

Question 21

Consulting Revenue would appear on the:

		Balance Sheet
		Income Statement
		Statement of Owner's Equity

4 points

Question 22

The normal balance for Rent Expense is:

		Debit
		Credit

4 points

Question 23

The normal balance for Interest Expense is:

		Debit
		Credit

4 points

Question 24

The account classification for Allowance for Doubtful Accountsis contra:

		Asset
		Liability
		Equity
		Revenue
		Expense

4 points

Question 25

The account classification for Owner's Capital is:

		Asset
		Liability
		Equity
		Revenue
		Expense

Account Tracking form provided:

Account Title -> copy the name of the accounts from the listbelow

Account Major Classification -> Asset (A), Liability (L),Ownerâs Equity (OE), Revenue (R) or Expense (E) or Not Applicable(NA)

Contra account -> place a check mark in this column if theitem is a contra account

Account Sub Classification -> only to be used with Asset andLiability accounts; Current Asset (CA); Property, Plant &Equipment (PPE); Current Liability (CL), Long-term Liability (LTL)or Not Applicable (NA)

Normal Balance -> debit (DR), credit (CR) or Not Applicable(NA)

Financial Statement-> Income Statement (IS), Statement ofOwnerâs Equity (SOE), Balance Sheet (BS) or Not Applicable (NA)

Temporary or Permanent -> T for temporary (nominal) accountsand P for permanent (real) accounts

Accounts Payable

Accounts Receivable

Accumulated Depreciation

Advertising Expense

Buildings

Cash

Depreciation Expense

Fees Earned

Income Summary

Insurance Expense

Interest Payable (due in 1 month)

Interest Receivable (due in 2 months)

Joey Bee, Capital

Joey Bee, Drawing

Land

Notes Payable (due in 3 years)

Notes Receivable (due in 2 months)

Office Equipment

Prepaid Insurance

Prepaid Rent

Rent Expense

Notes Payable (due in 2 months)

Store Equipment

Supplies

Supplies Expense

Taxes Payable (due in 4 months)

Unearned Fees

Unearned Rent

Unearned Revenue

Wages Payable

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LIT 250 Study Guide - Midterm Guide: Income Statement, Financial Statement, Retained Earnings

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