bellringer - 4.28.11

23. What is a partnership? What type of business have we been learning about in chapter 1-9?



24. From a business perspective, what exactly is a purchase?

bellringer - 4.26.11

21. The word post means _____, and thus, the Post Closing Trial Balance is prepared _____ closing entries.



22. At the end of the month in March (March 31), if current Capital (capital on the Post Closing Trial Balance) is $11,500 and Net Income is $1,500, then what are the values for the following?

Ending Balance of Revenue -
Ending Balance of Supplies Expense -
Ending Balance of Insurance Expense -
Ending Balance of Drawings -
Balance of Income Summary before it is closed -
Ending Balance of Income Summary -
Balance of Capital before any closing entries - 

bellringer - 4.22.11

19. There are three types of accounts listed on the Post-Closing Trial Balance. Please name them.



20. The Capital account  amount which appears on the Post-Closing Trial Balance is calculated by using which formula? (In other words, how do you calculate Capital for the Post-Closing Trial Balance?

bellringer - 4.20.11

17. Please list the eight parts of the Accounting Cycle (p. 208).



18. With your MacBook Dictionary, look up, read, copy, and paste the definition of Game Theory below.

bellringer - 4.18.11

15. Why do most small businesses use the calendar year as their fiscal year?



16. To what can closing entries be compared?

bellringer - 4.14.11

13. What are the two types of entries we will be making into the General Journal in Chapter 9?



14. What is the system used to record journal entries (even adjusting and closing entries)?

bellringer - 4.12.11

11. What are the two adjusting entries that Encore Music records?



12. On page 195, please read the Professional Business Ethics section. Do you feel this example was one of discrimination or poor judgment?