acctkilly
Terms
undefined, object
copy deck
-
To determine required entry to supplies account ..
- debit supplies current balance,...look at end of month balance in supplies account....CREDIT amount. to supplies account
- credit to supplies account records the...
-
reduction of the supplies asset
- credit to supplies account records the
-
reducion of the supplies asset.
- supplies account is determined by
- the 3 question process
- if failed to make supplies adjusting entry....
- expense accounts be understated. everything else over stated
- bill company for service that has already been done
- debit accounts recievable. credit service revenue
- however much supplies are on hand at that time are the
- amount of supplies we hve so then take that away from hte supplies purchased. subtract difference. then credit amount
- the effect of the wages payable adjusting entry is to
-
increase the employees claims to lennys assets nd reduce the owners' claim
- ending retained earnings needed for balance sheet is
- beg. balance in retained earning + net income
- if wages payable entry is not made,
- expenses, wages payable and total liabilities would be understated
- total liabilities and ewuity would not be effected by the omissio of the wages payable adjusting entry
- h
- depreciation expense account ....
- reduces the owners claims to assets
- expense accounts closed at end of month into retained earnings account
- m
- if depreciation entry not made
- expense accounts, and accumulated depreciation account will be understated
- gross profit
- sales revene minus cost of goods sold
- net income=
- gross profit minue total expenses
- net income increases as a result o
- the operation of the business
- entries made for closing process
- take ending bal of revenue and expense accounts and move to retained earnings, reset to 0
- income statement is sales revenue minus all of the expense accounts and u get
- the net income
- post-closing trial balance
- is all accounts after closing revenues and expenses
- calculation of balance sheet for month
-
beginning balance of retained earnings plus net income from income statement
- retained earnings on balance sheet is from calculation of retained earnings which is from the income statement
- know!
- pay in advancement for service..
- debit cash, credit unearned revenue
- promise to pay in future is
- accounts recievable
- completeing a job..
- service revenue
- accts payable
- vendor...
- when u will get paid in future...
- go to accounts recievable
- if did not make the unearned recenue entry,
- service rev,equity, net income, would be understated, total expenses wuldnt change