FAMID2_REVIEW_Solutions

FAMID2_REVIEW_Solutions - Midterm No. II Review with...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Midterm No. II Review with Solutions Financial Accounting I There are no extra credit points for this review The purpose of this review is to help you prepare for the second Midterm. If you wish to earn extra credit points, please complete the Extra Credit Review too. Chapter 4 1. What is a work sheet? Your definition should be short and concise. A worksheet is working paper often used by accountants to summarize adjusting entries 2. What does the difference between the totals of the debit and credit columns of the Adjusted Trial Balance columns on a work sheet show? The difference indicates there is an error on the work sheet 3. In which column (s) of the work sheet does net income appear? Net income appears in the debit column of the Income Statement columns and credit column of the Balance Sheet columns 4. After net income is entered on the work sheet, should the Balance Sheet debit and credit columns equal? Yes, the columns should equal each other 5. To which columns the capital and drawing amounts are extended, if the work sheet does not contain a pair of columns for the Statement of Owner's Equity? Balance Sheet columns 6. Unearned revenue will appear in which column of the Balance Sheet as part of the work sheet? Credit column 7. Equipment will appear in which column of the Balance Sheet as part of the work sheet? Debit column 8. Unearned fees will appear in which column of the Balance Sheet as part of the work sheet? Credit column 9. Do service fees appear in the Balance Sheet columns as part of the work sheet? No, service fees appear in the credit column of the Income Statement columns
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
10. Accounts receivable will appear in which column of the Balance Sheet as
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

FAMID2_REVIEW_Solutions - Midterm No. II Review with...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online