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Questions for chapter 4 accounting answered

by: Nicole Salem

Questions for chapter 4 accounting answered Acct 20353

Marketplace > Texas Christian University > Accounting > Acct 20353 > Questions for chapter 4 accounting answered
Nicole Salem
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Accounting questions of chapter 4 answered study guide
Fundamentals Of Accounting I
Cynthia Hanes
Class Notes
Study Guide, chapter 4, Accounting




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This 2 page Class Notes was uploaded by Nicole Salem on Sunday February 21, 2016. The Class Notes belongs to Acct 20353 at Texas Christian University taught by Cynthia Hanes in Spring 2016. Since its upload, it has received 43 views. For similar materials see Fundamentals Of Accounting I in Accounting at Texas Christian University.


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Date Created: 02/21/16
Acct 20153 Questions for Chapter 4 To be discussed in class  1. What is a trial balance? A trial balance is a spreadsheet that lists the names of the T­accounts in one column, usually in  financial statement order, with their ending debit or credit balances in the next two columns. It  provides a check on the equality of the debits and credits. Debits are on the left, and credits on  the right.  2. What are adjusting entries? And what are the four types of adjustments? Adjusting entries are entries necessary at the end of the accounting period to measure all  revenues and expenses of that period.  The four types of adjustments are: ADJUSTING ENTRIES THAT INCREASE REVENUE:  Deferred Revenues: previously recorded liabilities that were created when cash was  received in advance, and that must be reduced for the amount of revenue actually earned  during the period.  Accrued Revenues: revenues that have been earned but not yet recorded because cash  will be received after the services are performed or goods are delivered. ADJUSTING ENTRIES THAT INCREASE EXPENSES:  Deferred Expenses: previously recorded assets that were created when cash was paid in  advance and that must be reduced for the amount of expense actually incurred during the  period through use of the asset.  Accrued Expenses: expenses that have been incurred but not yet recorded because cash  will be paid after the goods or services are used.  3. How do adjusting entries affect the unadjusted trial balance? Adjusting the entries affect the unadjusted trial balance because when you adjust the entries, the  balances may change and display different answers on the accounts.  4. What types of accounts are permanent accounts? What types of accounts are temporary  accounts? What is the difference between permanent and temporary accounts? Balance sheet accounts are considered permanent accounts (assets, liabilities, and stockholder’s  equity). Permanent accounts retain their balances from the end of one period to the beginning of  the next. Revenue, expense, gain, and loss accounts are temporary accounts. Temporary accounts accumulate the balances for a period but start with zero balance at the beginning of the next  period. 5. What is the purpose of a closing entry? Two purposes:   Transfer the balances in the temporary accounts to retained earnings.  To establish a zero balance in each of the temporary accounts to start the accumulation in  the next accounting period. 6. What is a post­closing trial balance? A post­closing trial balance is prepared as the last step of the accounting cycle to check that  debits equal credits and all temporary accounts have been closed. 


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