$11,450Debit toIncomeSummaryThe first two closingentries to the IncomeSummary accountindicate a debit of$55,250 and a credit of$66,700. The thirdclosing entry wouldinclude___(could bethe debit or the credit):AdvertisingExpenseThe balance of thisaccount is reportedas a selling expensein the OperatingExpenses section ofa multiple-stepincome statement.Debit toAdvertisingExpenseA company signed a 4-month contract for $1,240of prepaid advertising onJune 1, 20X1. Theadjusting journal entry forthe amount of theadvertising contract thatexpired during the month ofJune 20X1 will includea___(could be the debit ortheDebittoCashA check issued for $565 topay a vendor on accountwas recorded in the firm'srecords as $655; thecanceled check wasproperly listed on the bankstatement at $565. Thejournal entry for thisreconciling item wouldinclude a_____Debit toDeliveryExpenseOn April 1, Wake Up Coffeecreated a petty cash fundstarting with $100. On April30, there was only $5remaining in the petty cashbox. The custodian of thefund presented vouchers tothe company accountantfor repairs of $55 andDelivery ExpensAdded tothe BookBalanceA check issued for $890 topay a vendor on accountwas recorded in the firm'srecords as $980; thecanceled check wasproperly listed on the bankstatement at $890. Toarrive at an accuratebalance on a bankreconciliation statement,the error s$18,440The unadjusted net incomeon the income statementwas $23,760. Afterjournalizing and posting theadjusting entries for the$1,620 of supplies usedand $3,700 of depreciationon the company'sequipment for the year, theadjusted net income is:Debit toRepairsExpenseOn April 1, Wake Up Coffeecreated a petty cash fundstarting with $100. On April30, there was only $5remaining in the petty cashbox. The custodian of thefund presented vouchers tothe company accountantfor repairs of $55 andDelivery ExpensOutstandingChecksThis could be areason why thebook balance ofcash may notagree with thebalance on thebank statementFeesIncomeThe closing ofthis accountrequires a creditto the IncomeSummaryaccount.Credit toAccumulatedDepreciationThe adjusting entry torecord depreciationexpense for theperiod will includea___(could be thedebit or the creditside).Credit toCashShort orOverGeorge's Grocers keeps a$100 change fund in itscash register. The cashsales per the cash registertape on January 30 were$375. The cash count was$478. Would the journalentry to record the salesand cash overage (orshortage) for January 30Depreciation The process ofallocating the cost of along-term asset as anexpense of operationsduring the asset'sexpected useful life isknown as$11,450Credit toCapitalThe first two closingentries to the IncomeSummary accountindicate a debit of$55,250 and a credit of$66,700. The thirdclosing entry wouldinclude___(could bethe debit or the credit):Asset,Liability,and EquityAccountsClosingentries donot zero outtheseacocunts$11,450Debit toCapitalThe first two closingentries to the IncomeSummary accountindicate a debit of$66,700 and a credit of$55,250. The thirdclosing entry wouldbe___(could be thedebit or the credit):GrossProfit The differencebetween netsales and thecost of goodssoldWorkingCapitalThe differencebetween totalcurrent assetsand totalcurrentliabilitiesOverstatedIf the prepaidexpenses arenot adjusted,assets on thebalance sheetwill be___.Credit toSuppliesA company purchasedsupplies for $1,100 onJune 1, 20X1. Inventory ofsupplies was $350 on June30, 20X1. The adjustingjournal entry for the amountof the supplies used duringthe month will includea____(could be the debit orthe credit) .Revenue,Expense,and DrawingAccountsAfter closingentries areposted, theseacocunts willhave zerobalancesBalanceSheetCreditcolumnThe balance of aliability accountis extended towhich column ofthe worksheet?$660Machinery costing $17,000with an estimated salvagevalue of $1,160 and anestimated life of 4 yearswas purchased on October31, 20X1. Using thestraight-line depreciationmethod, what is theamount of depreciationexpense to be recorded atDecReconcilingthe BankStatementThe process ofdetermining why adifference existsbetween a firm’s recordsand the bank’s recordsand bringing the two setsof records into balance isknown as:  Debit toCashShort orOverGeorge's Grocers keeps a$100 change fund in itscash register. The cashsales per the cash registertape on January 30 were$405. The cash count was$502. Would the journalentry to record the salesand cash overage (orshortage) for January 30CredittoCashOn April 1, Wake Up Coffeecreated a petty cash fundstarting with $100. On April30, there was only $5remaining in the petty cashbox. The custodian of thefund presented vouchers tothe company accountantfor repairs of $55 andDelivery ExpensDebit toDepreciationExpenseThe adjusting entry torecord depreciationexpense for theperiod will includea___(could be thedebit or the creditside).Debit toSuppliesExpenseA company purchasedsupplies for $1,100 onJune 1, 20X1. Inventory ofsupplies was $350 on June30, 20X1. The adjustingjournal entry for the amountof the supplies used duringthe month will includea____(could be the debit orthe credit) .Credit toPrepaidExpenseA company signed a 4-month contract for $1,240of prepaid advertising onJune 1, 20X1. Theadjusting journal entry forthe amount of theadvertising contract thatexpired during the month ofJune 20X1 will includea___(could be the debit orthe$11,450Credit toIncomeSummaryThe first two closingentries to the IncomeSummary accountindicate a debit of$66,700 and a credit of$55,250. The thirdclosing entry wouldbe___(could be thedebit or the credit):$13,895If a firm's bankreconciliation statementshows a bank statementbalance of $13,475, totaldeposits in transit of$1,510, and totaloutstanding checks of$1,090, the adjustedbank balance is:$11,450Debit toIncomeSummaryThe first two closingentries to the IncomeSummary accountindicate a debit of$55,250 and a credit of$66,700. The thirdclosing entry wouldinclude___(could bethe debit or the credit):AdvertisingExpenseThe balance of thisaccount is reportedas a selling expensein the OperatingExpenses section ofa multiple-stepincome statement.Debit toAdvertisingExpenseA company signed a 4-month contract for $1,240of prepaid advertising onJune 1, 20X1. Theadjusting journal entry forthe amount of theadvertising contract thatexpired during the month ofJune 20X1 will includea___(could be the debit ortheDebittoCashA check issued for $565 topay a vendor on accountwas recorded in the firm'srecords as $655; thecanceled check wasproperly listed on the bankstatement at $565. Thejournal entry for thisreconciling item wouldinclude a_____Debit toDeliveryExpenseOn April 1, Wake Up Coffeecreated a petty cash fundstarting with $100. On April30, there was only $5remaining in the petty cashbox. The custodian of thefund presented vouchers tothe company accountantfor repairs of $55 andDelivery ExpensAdded tothe BookBalanceA check issued for $890 topay a vendor on accountwas recorded in the firm'srecords as $980; thecanceled check wasproperly listed on the bankstatement at $890. Toarrive at an accuratebalance on a bankreconciliation statement,the error s$18,440The unadjusted net incomeon the income statementwas $23,760. Afterjournalizing and posting theadjusting entries for the$1,620 of supplies usedand $3,700 of depreciationon the company'sequipment for the year, theadjusted net income is:Debit toRepairsExpenseOn April 1, Wake Up Coffeecreated a petty cash fundstarting with $100. On April30, there was only $5remaining in the petty cashbox. The custodian of thefund presented vouchers tothe company accountantfor repairs of $55 andDelivery ExpensOutstandingChecksThis could be areason why thebook balance ofcash may notagree with thebalance on thebank statementFeesIncomeThe closing ofthis accountrequires a creditto the IncomeSummaryaccount.Credit toAccumulatedDepreciationThe adjusting entry torecord depreciationexpense for theperiod will includea___(could be thedebit or the creditside).Credit toCashShort orOverGeorge's Grocers keeps a$100 change fund in itscash register. The cashsales per the cash registertape on January 30 were$375. The cash count was$478. Would the journalentry to record the salesand cash overage (orshortage) for January 30Depreciation The process ofallocating the cost of along-term asset as anexpense of operationsduring the asset'sexpected useful life isknown as$11,450Credit toCapitalThe first two closingentries to the IncomeSummary accountindicate a debit of$55,250 and a credit of$66,700. The thirdclosing entry wouldinclude___(could bethe debit or the credit):Asset,Liability,and EquityAccountsClosingentries donot zero outtheseacocunts$11,450Debit toCapitalThe first two closingentries to the IncomeSummary accountindicate a debit of$66,700 and a credit of$55,250. The thirdclosing entry wouldbe___(could be thedebit or the credit):GrossProfit The differencebetween netsales and thecost of goodssoldWorkingCapitalThe differencebetween totalcurrent assetsand totalcurrentliabilitiesOverstatedIf the prepaidexpenses arenot adjusted,assets on thebalance sheetwill be___.Credit toSuppliesA company purchasedsupplies for $1,100 onJune 1, 20X1. Inventory ofsupplies was $350 on June30, 20X1. The adjustingjournal entry for the amountof the supplies used duringthe month will includea____(could be the debit orthe credit) .Revenue,Expense,and DrawingAccountsAfter closingentries areposted, theseacocunts willhave zerobalancesBalanceSheetCreditcolumnThe balance of aliability accountis extended towhich column ofthe worksheet?$660Machinery costing $17,000with an estimated salvagevalue of $1,160 and anestimated life of 4 yearswas purchased on October31, 20X1. Using thestraight-line depreciationmethod, what is theamount of depreciationexpense to be recorded atDecReconcilingthe BankStatementThe process ofdetermining why adifference existsbetween a firm’s recordsand the bank’s recordsand bringing the two setsof records into balance isknown as:  Debit toCashShort orOverGeorge's Grocers keeps a$100 change fund in itscash register. The cashsales per the cash registertape on January 30 were$405. The cash count was$502. Would the journalentry to record the salesand cash overage (orshortage) for January 30CredittoCashOn April 1, Wake Up Coffeecreated a petty cash fundstarting with $100. On April30, there was only $5remaining in the petty cashbox. The custodian of thefund presented vouchers tothe company accountantfor repairs of $55 andDelivery ExpensDebit toDepreciationExpenseThe adjusting entry torecord depreciationexpense for theperiod will includea___(could be thedebit or the creditside).Debit toSuppliesExpenseA company purchasedsupplies for $1,100 onJune 1, 20X1. Inventory ofsupplies was $350 on June30, 20X1. The adjustingjournal entry for the amountof the supplies used duringthe month will includea____(could be the debit orthe credit) .Credit toPrepaidExpenseA company signed a 4-month contract for $1,240of prepaid advertising onJune 1, 20X1. Theadjusting journal entry forthe amount of theadvertising contract thatexpired during the month ofJune 20X1 will includea___(could be the debit orthe$11,450Credit toIncomeSummaryThe first two closingentries to the IncomeSummary accountindicate a debit of$66,700 and a credit of$55,250. The thirdclosing entry wouldbe___(could be thedebit or the credit):$13,895If a firm's bankreconciliation statementshows a bank statementbalance of $13,475, totaldeposits in transit of$1,510, and totaloutstanding checks of$1,090, the adjustedbank balance is:

Small Business Accounting Bingo - Final Exam - Call List

(Print) Use this randomly generated list as your call list when playing the game. There is no need to say the BINGO column name. Place some kind of mark (like an X, a checkmark, a dot, tally mark, etc) on each cell as you announce it, to keep track. You can also cut out each item, place them in a bag and pull words from the bag.


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  1. The first two closing entries to the Income Summary account indicate a debit of $55,250 and a credit of $66,700. The third closing entry would include___(could be the debit or the credit):
    $11,450 Debit to Income Summary
  2. The balance of this account is reported as a selling expense in the Operating Expenses section of a multiple-step income statement.
    Advertising Expense
  3. A company signed a 4-month contract for $1,240 of prepaid advertising on June 1, 20X1. The adjusting journal entry for the amount of the advertising contract that expired during the month of June 20X1 will include a___(could be the debit or the
    Debit to Advertising Expense
  4. A check issued for $565 to pay a vendor on account was recorded in the firm's records as $655; the canceled check was properly listed on the bank statement at $565. The journal entry for this reconciling item would include a_____
    Debit to Cash
  5. On April 1, Wake Up Coffee created a petty cash fund starting with $100. On April 30, there was only $5 remaining in the petty cash box. The custodian of the fund presented vouchers to the company accountant for repairs of $55 and Delivery Expens
    Debit to Delivery Expense
  6. A check issued for $890 to pay a vendor on account was recorded in the firm's records as $980; the canceled check was properly listed on the bank statement at $890. To arrive at an accurate balance on a bank reconciliation statement, the error s
    Added to the Book Balance
  7. The unadjusted net income on the income statement was $23,760. After journalizing and posting the adjusting entries for the $1,620 of supplies used and $3,700 of depreciation on the company's equipment for the year, the adjusted net income is:
    $18,440
  8. On April 1, Wake Up Coffee created a petty cash fund starting with $100. On April 30, there was only $5 remaining in the petty cash box. The custodian of the fund presented vouchers to the company accountant for repairs of $55 and Delivery Expens
    Debit to Repairs Expense
  9. This could be a reason why the book balance of cash may not agree with the balance on the bank statement
    Outstanding Checks
  10. The closing of this account requires a credit to the Income Summary account.
    Fees Income
  11. The adjusting entry to record depreciation expense for the period will include a___(could be the debit or the credit side).
    Credit to Accumulated Depreciation
  12. George's Grocers keeps a $100 change fund in its cash register. The cash sales per the cash register tape on January 30 were $375. The cash count was $478. Would the journal entry to record the sales and cash overage (or shortage) for January 30
    Credit to Cash Short or Over
  13. The process of allocating the cost of a long-term asset as an expense of operations during the asset's expected useful life is known as
    Depreciation
  14. The first two closing entries to the Income Summary account indicate a debit of $55,250 and a credit of $66,700. The third closing entry would include___(could be the debit or the credit):
    $11,450 Credit to Capital
  15. Closing entries do not zero out these acocunts
    Asset, Liability, and Equity Accounts
  16. The first two closing entries to the Income Summary account indicate a debit of $66,700 and a credit of $55,250. The third closing entry would be___(could be the debit or the credit):
    $11,450 Debit to Capital
  17. The difference between net sales and the cost of goods sold
    Gross Profit
  18. The difference between total current assets and total current liabilities
    Working Capital
  19. If the prepaid expenses are not adjusted, assets on the balance sheet will be___.
    Overstated
  20. A company purchased supplies for $1,100 on June 1, 20X1. Inventory of supplies was $350 on June 30, 20X1. The adjusting journal entry for the amount of the supplies used during the month will include a____(could be the debit or the credit) .
    Credit to Supplies
  21. After closing entries are posted, these acocunts will have zero balances
    Revenue, Expense, and Drawing Accounts
  22. The balance of a liability account is extended to which column of the worksheet?
    Balance Sheet Credit column
  23. Machinery costing $17,000 with an estimated salvage value of $1,160 and an estimated life of 4 years was purchased on October 31, 20X1. Using the straight-line depreciation method, what is the amount of depreciation expense to be recorded at Dec
    $660
  24. The process of determining why a difference exists between a firm’s records and the bank’s records and bringing the two sets of records into balance is known as:
    Reconciling the Bank Statement
  25. George's Grocers keeps a $100 change fund in its cash register. The cash sales per the cash register tape on January 30 were $405. The cash count was $502. Would the journal entry to record the sales and cash overage (or shortage) for January 30
    Debit to Cash Short or Over
  26. On April 1, Wake Up Coffee created a petty cash fund starting with $100. On April 30, there was only $5 remaining in the petty cash box. The custodian of the fund presented vouchers to the company accountant for repairs of $55 and Delivery Expens
    Credit to Cash
  27. The adjusting entry to record depreciation expense for the period will include a___(could be the debit or the credit side).
    Debit to Depreciation Expense
  28. A company purchased supplies for $1,100 on June 1, 20X1. Inventory of supplies was $350 on June 30, 20X1. The adjusting journal entry for the amount of the supplies used during the month will include a____(could be the debit or the credit) .
    Debit to Supplies Expense
  29. A company signed a 4-month contract for $1,240 of prepaid advertising on June 1, 20X1. The adjusting journal entry for the amount of the advertising contract that expired during the month of June 20X1 will include a___(could be the debit or the
    Credit to Prepaid Expense
  30. The first two closing entries to the Income Summary account indicate a debit of $66,700 and a credit of $55,250. The third closing entry would be___(could be the debit or the credit):
    $11,450 Credit to Income Summary
  31. If a firm's bank reconciliation statement shows a bank statement balance of $13,475, total deposits in transit of $1,510, and total outstanding checks of $1,090, the adjusted bank balance is:
    $13,895