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Homework_2 - Student Name BUS 208 A B C or D(circle one...

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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
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Assume we are a chocolate & candy shop. We can keep track of equipment purchases in the Purchases account. (2 points)
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