Accounting I Semester Test Review

The normal balance side of any expense account is th

When merchandise is sold on account and sales tax is also collected

the normal balance side of the drawing account is

Increases in a revenue account are shown on a T account's

The journal entry to close Income Summary when there is anet income is

An account in a general ledger that summarizes all accounts in a subsidiary ledger is

When the owner invests cash in a business, the owner's capital accounts is

 Total earnings pd to an employee after payroll txes & other deds is recrd in the payroll regr

Sales Retuns and Allowance is

The normal balancd side of any liability

When the total expenses are greater than the total revenue

Supplies bought for use in a business are recorded in the

When cash is paid for insurance, the

After closing entries are posted, the owner's capital account blance should be the same as

The formula for calculating the net income component percentage is

Sales Discounts are recorded in a

When cash is received from sales, the amount is recorded in

The normal balance side of an owner's captial account is the

The normal balance sideof an asset account is the

The adjustments are analyzed and planned

When $1,500.00 cash is received on account

The normal balance isde of the sale account is

When a business pays cash on account, a liability account is

A balance sheet reports a business's financial

The date on a monthly income statement prepared on July 31 written as

For a sale on act of $1000 plus sales tax of $80, the amount recorded in the AR Debit column

The journal entry to adjust Supplies is

The right side of a T account is the

Purchases returns and allowances

Contra account normal balances are

The amount of sales tax on a sale is calculated as the price of goods

After the adjusting entry for Supplies has been posted, Supplies Exp has an up-to-day balance

Replenish $300 petty cash.  Receipts total $224, cash in box is $74

Temporary accounts begin each new fiscal period with a

The normal balance side of the purchases account is

When cash is paid for utilities, the amount is recorded in the

When preparing a balance sheet, the amount of owner's capital is calculated using amounts from

Accounts used to accumulate information from one fiscal period to the next are

The amount of net income calculated on an income statement is correct if

The entry to establish a $200.00 petty cash fund is

Income Summary is

The entry to record receipt of cash from the owner as an investment is

The Accumulated Earnings column of the employee earning records

If an amount is recorded on the side of a T account opporiste the normal balance side

merch is purch for $1,000 on Aug 1, with termsof 2/10, n/30, the amt due  on Aug 9 is

Information needed for closing entries is found in the

Information needed to prepare a balance sheet liabilities section is obtained from a wor sheet'