71) Define and discuss a calendar year, accounting period, and fiscal year.

72) Provide an explanation for the following journal entries:

 

a) Prepaid Rent debited, Cash credited

b) Office supplies debited, Accounts Payable credited

c) Cash debited, Capital credited

d) Withdrawals debited, Cash credited

e) Accounts Payable debited, Cash credited

 

73) Complete the following entries by using a “debit” or “credit.”

 

a) Received payment from a customer. Cash would have a:________

 

b) Owner makes an investment of equipment. Capital would have a:________

 

c) Paid rent in advance. Prepaid Rent would have a:________

 

d) Billed a customer for services rendered. Revenue would have a:________

 

e) Paid an advertising bill received last month. Cash would have a:________

 

f) Owner withdrew cash. Withdrawals would have a:________

 

74) What are interim financial statements?

75) Complete the following questions based on the journal entry below:

 

GENERAL JOURNALPage 1

Date

 

Acct. Titles and Description

PR

Debit

Credit

May

1

Cash

110

11,000

 

 

 

   Capital

300

 

11,000

a) Date of Journal entry:_______________

 

b) Name of account debited:_______________

 

c) Name of account credited:_______________

 

d) Provide an explanation for this entry:_______________

 

e) Page of Journal:_______________

 

f) Account number for Cash:_______________

 

g) Account number for Capital:_______________

 

 

 



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