Worksheets & Adjusting Entries for a Service Business

Front

Fill in the blank: Adjusting entries are typically made at the end of the ________ period.

Back

Fiscal

Front

Fill in the blank: The supplies account balance before adjustment was ____.

Back

$620.00

Front

Journals and ledgers are usually prepared in ______.

Back

Ink

Front

What is the second question asked when analyzing the adjustment on an asset account?

Back

What should the balance be for this account?

Front

Which of the following is not typically included in a worksheet?

Back

Marketing Plan

Front

Define adjusting entries in accounting.

Back

Adjusting entries are journal entries made at the end of an accounting period to allocate income and expenses to the correct period.

Front

What is the purpose of a worksheet in accounting?

Back

A worksheet is used to organize and summarize financial data to prepare for financial statements.

Front

What is a trial balance?

Back

A trial balance is a report that lists the balances of all general ledger accounts to ensure that total debits equal total credits.

Front

What are accrued expenses?

Back

Accrued expenses are costs that have been incurred but not yet paid or recorded in the accounts.

Front

What is the difference between cash basis and accrual basis accounting?

Back

Cash basis accounting recognizes revenues and expenses when cash is exchanged, while accrual basis accounting recognizes them when they are earned or incurred, regardless of cash flow.