Chapter 14 Analyzing Adjustments on a Work Sheet – Flashcards
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The Supplies- Office amount in a work sheet's Trial Balance Debit column represents the value of supplies
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at the beginning of a fiscal period plus office supplies bought during the fiscal period
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The two accounts used to adjust the Office Supplies account are
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Supplies-Office and Supplies Expense-Office
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The portion of the insurance premiums that has expired during a fiscal period is classified as
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an expense
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The two accounts used to adjust the Prepaid Insurance accounts are
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Prepared insurance and Insurance Expense
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The amount of goods on hand for sale to customers is called
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Merchandise Inventory
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The Merchandise Inventory amount in a work sheet's Trial Balance Debit column represents the merchandise inventory
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at the beginning of a fiscal period
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The two accounts used to adjust the Merchandise Inventory account are
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Merchandise Inventory and Income Summary
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The Income Summary amount in a work sheet's Adjustments Debit column represents the
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decrease in Merchandise Inventory
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Recording expenses in the accounting period in which the expenses contribute to earning revenue is an application of the accounting concept
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Matching Expenses with Revenue
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The two accounts used to adjust the uncollectible accounts are
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Uncollectible Accounts Expense and Allowance for Uncollectible Accounts
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The two accounts used to adjust the depreciation of store equipment are
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Accumulated Depreciation-Store Equipment and Depreciation Expense-Store Equipment
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The two accounts used to record the adjustment for federal income tax are
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Federal Income Tax Payable and Federal Income Tax Expense
