Revenue and expense summary is closed to: correct answers owner's equity
If total expenses are smaller than total revenues, the difference is termed: correct answers net profit
To enter an amount on the left side of an account means to: correct answers debit
The difference between the tota...
Accounting Capstone || Already Passed.
Revenue and expense summary is closed to: correct answers owner's equity
If total expenses are smaller than total revenues, the difference is termed: correct answers net
profit
To enter an amount on the left side of an account means to: correct answers debit
The difference between the total debits and the total credits in an account is the: correct answers
balance
The financial statement that shows the financial position of a company on a particular date:
correct answers balance sheet
The difference between net sales and cost of goods sold is: correct answers net income
Which of the following accounts normally has a credit balance: correct answers expense
If the total expenses is smaller than the total of revenue, the difference is termed: correct answers
net profit
The process of transferring information from the journal to the ledger is called: correct answers
posting
The trial balance of the general ledger accounts taken after the temporary owners equity accounts
have been closed is referred to as: correct answers post-closing balance
The entry for buying office supplies on account would be: correct answers DR office supplies,
CR accounts payable
An entry made on the DR side of an asset account indicates that the account has been: correct
answers decreased
Expenses incurred in the operation of the business causes: correct answers owner's equity to
decrease
An itemized statement that provides information regarding the results f operations during a
specified period of time is know as a(n): correct answers income statement
Accounts payable is a(n): correct answers liability account
A sale for cash including sales tax would be recorded as: correct answers DR sales, DR sales tax
payable, CR cash
Anything of value owned is considered: correct answers an asset
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