Accounting ReviewAccounting Review

Are the following accounts Are the following accounts permanent or temporary?permanent or temporary?

Directions: Insert a slide after each of the slides containing account names. On that slide type “permanent” or “temporary” as it pertains to the account listed on the slide before it. The first one is done for you.

Accounts PayableAccounts Payable

PermanentPermanent

John Jones, CapitalJohn Jones, Capital

SalesSales

Accounts ReceivableAccounts Receivable

Income SummaryIncome Summary

Prepaid InsurancePrepaid Insurance

PurchasesPurchases

CashCash

Advertising ExpenseAdvertising Expense

John Jones, DrawingJohn Jones, Drawing

What is the normal balance What is the normal balance of the following accounts?of the following accounts?

Directions: Insert a slide after each of the slides containing account names. On that slide type “debit” or “credit” as it pertains to the account listed on the slide before it. The first one is done for you.

CashCash

DebitDebit

SalesSales

SuppliesSupplies

Accounts PayableAccounts Payable

Merchandise InventoryMerchandise Inventory

Sales Tax PayableSales Tax Payable

CapitalCapital

Advertising ExpenseAdvertising Expense

Sales Tax PayableSales Tax Payable

PurchasesPurchases

DrawingDrawing

Purchases Returns and AllowancesPurchases Returns and Allowances

What is the classification What is the classification of the following accounts?of the following accounts?

Directions: Insert a slide after each of the slides containing account names. On that slide type “asset, liability, owner’s equity, revenue, cost of merchandise sold, or expense” as it pertains to the account listed on the slide before it. The first one is done for you.

SuppliesSupplies

AssetAsset

Sales Tax PayableSales Tax Payable

Accounts ReceivableAccounts Receivable

CashCash

PurchasesPurchases

Income SummaryIncome Summary

Federal Income Tax PayableFederal Income Tax Payable

Miscellaneous ExpenseMiscellaneous Expense

Prepaid InsurancePrepaid Insurance

Merchandise InventoryMerchandise Inventory

SalesSales

Purchases Returns and AllowancesPurchases Returns and Allowances

When your slide show is complete:When your slide show is complete:

Go to File menuGo to File menu Click Send to Microsoft Office WordClick Send to Microsoft Office Word Click Outline OnlyClick Outline Only In Word, clean up your outline, if neededIn Word, clean up your outline, if needed Put your name in a headerPut your name in a header Print from WordPrint from Word You do not need to save this documentYou do not need to save this document SAVE YOUR POWERPOINTSAVE YOUR POWERPOINT