Accounting I - UNIT 3 Test

62.5%

53.7%

100%

63.4%

Write the name of the company.

Prepare the Assets Section.

Calculate the total of the liabilities.

Double rule across the left and right columns.

Net income of $4,550

Net income of $250

Net loss of $4,550

Net loss of $250

Record the balance of the revenue account.

Write the balance of each expense account.

Calculate the net income or net loss.

Double rule across both amount columns.

The Total Assets are greater than the Total Liabilities.

The Total Assets are less than the Owner's Equity.

The Total Assets should equal Total Liabilities plus Owner's Equity.

The Total Assets plus Total Liabilities equal Owner's Equity.

Write the name of the company.

Prepare the Revenue Section.

Calculate the net income or net loss.

Calculate the component percentages.

Insurance Expense and credit Prepaid Insurance $1,200.

Insurance Expense and credit Prepaid Insurance $2,200.

Prepaid Insurance and credit Insurance Expense $1,200.

Prepaid Insurance and credit Insurance Expense $2,200.

Supplies and credit Supplies Expense $500.

Supplies and credit Supplies Expense $1,000.

Supplies Expense and credit Supplies $500.

Supplies Expense and credit Supplies $1,500.

Prepare the Expense section.

Prepare the Liability section.

Prepare the Owner's Equity section.

Double rule across the left and right columns.

Supplies and credit Supplies Expense $700.

Supplies and credit Supplies Expense $1,500.

Supplies Expense and credit Supplies $700.

Supplies Expense and credit Supplies $1,500.

Add each column to verify that debits equal credits.

Write each column's total below the single line.

Double rule across both amount columns.

Single rule across both amount columns below the last amounts.

Insurance Expense and credit Prepaid Insurance $1,200.

Insurance Expense and credit Prepaid Insurance $800.

Prepaid Insurance and credit Insurance Expense $1,200.

Prepaid Insurance and credit Insurance Expense $800.

Journalize an entry to transfer net income or net loss to the owner's capital account and close the Income
Summary account.

Journalize an entry to close the owner's drawing account.

Journalize an entry to close income statement accounts that have a debit balance.

Journalize an entry to close income statement accounts that have a credit balance.

Drawing, credit owner's equity account for $275.

Drawing, credit Income Summary for $275.

Owner's equity account, credit drawing account for $275.

Income summary, credit drawing account for $275.

Drawing, and credit Income Summary, $2,000.

Owner's equity, and credit Income Summary, $2,000.

Sales, and credit Income Summary, $2,000.

Income Summary, and credit Drawing, $2,000.

Sales $3,875 and credit Income Summary $3,875.

Income Summary $3,875 and credit Sales $3,875.

Sales $3,875 and credit Owner's Equity $3,875.

Owner's Equity $3,875 and credit Sales $3,875.

Owner's Equity and credit Advertising Expense.

Advertising Expense and credit Income Summary.

Income Summary and credit Advertising Expense.

Advertising Expense and credit Owner's Equity.

Supplies and credit Supplies Expense $100.

Supplies and credit Supplies Expense $2,300.

Supplies Expense and credit Supplies $100.

Supplies Expense and credit Supplies $2,300.

Prepaid Insurance and credit Insurance Expense $1,500.

Insurance Expense and credit Prepaid Insurance $1,500.

Prepaid Insurance and credit Insurance Expense $3,700.

Insurance Expense and credit Prepaid Insurance $3,700.

Owner's Equity and credit Miscellaneous Expense.

Miscellaneous Expense and credit Owner's Equity.

Miscellaneous Expense and credit Income Summary.

Income Summary and credit Miscellaneous Expense.

Drawing, and credit Income Summary, $900.

Income Summary, and credit Drawing, $900.

Sales, and credit Income Summary, $900.

Income Summary, and credit Owner's Equity, $900.

Journalize an entry to transfer net income or net loss to the owner's capital account and close the income summary account

Journalize an entry to close the owner's drawing account

Journalize an entry to close income statement accounts that have a debit balance

Journalize an entry to close income statement accounts that have a credit balance

Record the debit amount in the General Debit column

Record the credit amount in the General Credit column

Write the title of the account debited in the Account Title column

Write the title of the account credited in the Account Title column

Rule a single line below the last amount in each column

Write the account balance in either the debit or credit column

Write the account titles of all general ledger accounts that have balances in the Account Title column

Write the heading

Record the credit amount in the General Credit column

Record the debit amount in the General Debit column

Write the title of the account credited in the Account Title column

Write the title of the account debited in the Account Title column

Rule a single line below the last amount in each column

Write the account balance in either the debit or credit column

Write the account titles of all general ledger accounts that have balances in the Account Title column

Write the account totals

Net income of $150

Net loss of $150

Net income of $1,350

Net loss of $1,350