Review for Comprehensive Final Exam

• Multiple choice questions.
• o What accounts require posting to the general ledger AND the subsidiary ledgers?
• o What accounts do you debit and credit in the closing entries?
• o What amounts and accounts to debit and credit for adjusting entries (really study new onesunearned rent, merchandise inventory)
• o Study the merchandise inventory account and Cost of Goods Sold.
• o What category is Merchandise Inventory?
• o What is a Payroll Register?
• o Understand the connection between the general ledger balances and the trial balance on the worksheet.
• o Review the income statement and balance sheet for a merchandising company.
• o Know what to debit and credit for a return of merchandise bought on account by the purchaser; know what to debit and credit for a return of merchandise that was sold to a customer.
• o What is the Income Summary account used for?
• o Know what accounts to debit and credit for recording payroll.
• o Know what to debit and credit when an asset is purchased on account with a partial down payment.

• Classification of Accountstemporary/permanent, normal balance/debit or credit, which are contra accounts, which financial statements do the accounts go on and how are they classified on the financial statements.

• Create all financial statements
• Journalize and post transactions to general ledger and subsidiary ledger(s)including sales transactions where you have to compute sales tax.Prepare Schedule of A/R or A/P or both.

• Prepare a worksheet for a merchandising business, including analyzing computations for adjustments.Label Adjustments.

• Prepare a bank reconciliation

• Entries needed for establishing petty cash account and what is needed to replenish petty cash account.

• Complete a payroll register and figure taxable earnings for all tax liabilities