Debits and Credits. (Crossword Puzzle #1)

Transcription

1 ebits and redits (rossword uzzle #1) ur materials are copyright ccountingoach, and are for personal use by the original purchaser only. e do not allow our materials to be reproduced or distributed elsewhere.

2 rossword uzzle (ebits and redits #1) reated with clipserossword For personal use by the original purchaser only. opyright ccountingoach.com. 2

3 cross (ebits and redits #1) 1. listing of all of the accounts to which transactions might be posted is a accounts. of he type of accounts that do not close at the end of the accounting year. ost balance sheet accounts are this type of account. lso referred to as real accounts. oney taken out of a sole proprietor s business for the owner s personal use results in a credit to ash and a debit to the owner s account. 8. very transaction or journal must have at least one debit and one credit. 10. credit to the asset upplies will cause the account s balance to journal entry with just two accounts is a journal entry with three or more accounts is a journal entry. journal entry hen an amount is entered on this side of an account, we say the account was credited. he accounts in this balance sheet classification are credited to increase them. he difference between a sole proprietorship s total assets and its total liabilities is s equity. 24. oney received in advance for services to be performed in the future are reported on the balance sheet as deferred revenues, revenues, or as customer deposits fter a transaction is recorded in the general journal, it is posted to an general ledger. his is referred to as the book of original entry. in the 29. n 2017 a company received a $3,000 deposit from a customer for services to be performed in n 2017 the company should credit which type of account? (asset, liability, expense, etc.) 30. company s accounts are housed in the general. 31. hen a transaction is recorded, there are at least accounts involved. 32. hen a corporation declares these, there needs to be an entry to debit etained arnings and an entry to credit a liability account. For personal use by the original purchaser only. opyright ccountingoach.com. 3

4 own (ebits and redits #1) Fees that have been earned are recorded in this type of account. osts that have been used to earn revenues. epreciation will have a credit balance. 7. credit balance is expected for a contra- account. 9. his type of account is closed at the end of the accounting year. ost income statement accounts are this type of account. lso referred to as nominal accounts he difference between a corporation s total assets and its total liabilities is equity. xpenses that have been paid for in advance of their use are reported on the balance sheet as a deferred or expense. 14. debit balance is expected for a -liability account credit to ccounts ayable will cause the account s balance to. he normal entry to an expense account. 18. his type of account is credited when the proceeds from the sale of an asset used in the business exceeds its book value. 20. he journal in which depreciation is recorded. 21. his type of account is debited when the proceeds from the sale of an asset used in the business is less than its book value he normal balance of the nearned evenues (or ustomer eposit) account. he accounts in this balance sheet classification are debited to increase them. 26. listing of all of the accounts in the general ledger with the debit amounts in one column and the credit amounts in another column is a balance. 28. he balance sheet account arnings will have a credit balance if the corporation has had positive cumulative earnings and its dividends were less than the earnings. 29. hen an amount is entered on this side of an account, we say the account was debited. For personal use by the original purchaser only. opyright ccountingoach.com. 4

5 For personal use by the original purchaser only. opyright ccountingoach.com. 5 olutions (ebits and redits #1) reated with clipserossword F V X K V J