Homework_2 - Student Name ___________________________ BUS...

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

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Student Name ___________________________ BUS 208 A, B, C or D (circle one) Fall 2008, AUBG HOMEWORK N. 2 (Chapters 4, 5, and 8) Part I. Closing entries. (10 points) Fill in the blanks with the appropriate word(s): Revenue accounts usually have credit normal balances (the + side). Expense accounts usually have _______________ normal balances. At the __________ of the accounting period, we close Revenue accounts into the temporary ___________________________ account and we close Expense accounts into the ____________________________ account, also. This means that at the accounting period end, we ____________________ (debit or credit?) Revenues and we ___________________ (debit or credit?) Expenses. Afterwards, we ____________ the Income Summary account into the ________________________ account. The Owners Withdrawals account __________________ (is or is not?) closed into Income Summary. However, it is directly closed into ____________________________. Part II. Merchandising companies. (10 points) 3/15,n/30 means.. Use a whole sentence. (2 points): _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ ___ Merchandising companies under the periodic inventory system use an account called Merchandise Inventory. (2 points) ________ True ________ False 1 Assume we are a chocolate & candy shop. We can keep track of equipment purchases in Assume we are a chocolate & candy shop....
View Full Document

Page1 / 5

Homework_2 - Student Name ___________________________ BUS...

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