Intuit Bookkeeping Professional Certificate Study Guide Rated A+

A Balance Sheet has four parts: a heading, assets, liabilities, and ______. {Ans: - equity}A trial balance where total debits equal total credits indicates: {Ans: - The ledger is in balance.}A sales manager purchases office supplies with the company credit card. This transaction impacts the accounts payable and the office supplies accounts. In your journal entry, which account do you credit? {Ans: - A​ccounts payable}What are the 6 steps of the Accounting-Cycle? {Ans: - Collect and Analyze Transactions - Record/Post transactions to the ledger - Prepare and unadjusted trial balance - Prepare adjusting entries at the end of the period - Prepare an adjusted trial balance - Prepare financial statements}Which of the following lists general ledger account balances at the end of a reporting period, before any adjusting entries are made? {Ans: - Unadjusted Trial Balance}Mike Anderson is the owner and operator of Anderson Consulting. At the end of 2019, the company's assets totaled $500,000 and its liabilities totaled $175,000. Assuming that over the 2020 fiscal year, assets increased by $120,000 and liabilities increased by $72,000, use the accounting equation to determine what Mike's Owner's equity will be as of December 31, 2020? {Ans: