accounting top hat

At March 1, 2018, Oscorp. had supplies on hand of $1,500. During the month, Oscorp purchased supplies of $2,900 and used supplies of $2,800. The March 31 balance sheet should report what balance in the supplies account?

1,600

Accounting definition

Accounting is a system of *analyzing, recording, summarizing, and reporting* the results of a business's activities

What would be the debit for the journal entry regarding a customer paying off a balance that they owe our company on account?

Accounts Receivable

Which of the following is constructed immediately prior to preparing the financial statements with the purpose of demonstrating that the accounts balance

Adjusting Trial Balance

If total liabilities decreased by 4,000, then

Assets must have decreased by $4,000, or stockholders' equity must have increased by $4,000

Dividends would be reported on which financial statement

Balance sheet

If a check correctly written and paid by the bank for $628 is incorrectly recorded on the company's books for $682, the appropriate treatment on the bank reconciliation would be to

Credit $54 from the book's balance

Christian Wolff has performed $500 of CPA services for a client but has not billed the client as of the end of the accounting period. What adjusting entry must Christian make?

Debit Accounts Receivable and credit Service Revenue

Link earned a salary of $500 for the last week of October. He will be paid on November 1 by his employer (The Royal Family of Hyrule). The adjusting entry for Link's employer October 31 is:

Debit Salaries and Wages Expense 500 Credit Salaries and Wages Payable 500

accrual

Doing the action before the money is provided

What is the correct journal entry to record receiving inventory and paying for it at a later time?

Dr. Inventory Cr. Accounts Payable

What category of asset would include a building that is not currently being used

Investment Asset

What type of account is deferred revenue and upon which financial statement would it be located

Liability; balance sheet

retained earnings

Net Income - Dividends

In 2018 Cyberdine Systems, Inc. made the following closing entry:Dr. Retained EarningsDr. RevenueCr. ExpensesAs a result of its "Termination business," did Cyberdine have a net loss or net income

Net Loss

Net income/ loss

Revenues - Expenses

cash basis

accounting records revenues when cash is received and expenses when cash is paid

depreciation

allocating the cost of buildings, vehicles, and equipment to the accounting periods in which they are used

A receivable is always an ______.

asset

PPE (Property, Plant, and Equipment)

assets with relatively long useful lives that are currently used in operating the business, physical substance ( ex. land, building, equipment)

Stockholders' Equity

capital given to a company by shareholders in exchange for stock owners claim to business resources

The deferral adjusting entry to record the amount of deferred service revenue that is now earned includes a

credit to Accounts Receivable

A payable is always a _________.

liability

deferred revenue (key words)

paid in advance, service provided later

Cash (key words)

paid, borrow, received cash

Accrual Basis Accounting

reports revenues and expenses when services are provided regardless of when cash is received or paid

Revenue Recognition Principle

revenues are recognized when seller provides goods/ services to its customers in the amount the seller expects to be entitled to receive

service revenue (key words)

service performed, paid later, sent invoice

Common Stock (key words)

shares, stock, issued

Notes payable (key words)

signed a note/ borrowed from the bank

Accumulated Depreciation

the total amount of depreciation expense that has been recorded since the purchase of a plant asset