Accounting

Card Set Information

Author:
kkennington
ID:
128481
Filename:
Accounting
Updated:
2012-01-17 17:57:45
Tags:
accounting entries
Folders:

Description:
Journal Entries
Show Answers:

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  1. Uncollectibles?
    • debit: uncollectible accounts expense
    • credit: allowance for uncollectibles
  2. Merchandise Inventory? (ending is less than beginning)
    • debit: income summary
    • credit: merchandise inventory
  3. Merchandise Inventory? (beginning is less than ending)
    • debit: merchandise inventory
    • credit: income summary
  4. Supplies?
    • debit: supplies expense
    • credit: supplies
  5. Prepaid Insurance?
    • debit: insurance expense
    • credit: prepaid insurance
  6. Federal Income Tax?
    • debit: federal income tax expense
    • credit: federal income tax payable
  7. Depreciation?
    • debit: depreciation expense
    • credit: accumulated depreciation
  8. Closing Entries? #1
    • debit: sales, purchases discount, purchases return and allowance
    • credit: income summary
  9. Closing Entries? #2
    • debit: income summary
    • credit: sales discount, sales return and allowances, purchases, all expenses, cash short and over, depreciation expense, ferderal income tax expense
  10. Close Income Summary? (net income)
    • debit: income summary
    • credit: retained earnings
  11. Close Income Summary? (net loss)
    • debit: retained earnings
    • credit: income summary
  12. Closing Entry for Dividends?
    • debit: retained earnings
    • credit: dividends
  13. Dishonored Checks?
    • debit: accounts receivable/ name
    • credit: cash
  14. Bank Service Charge?
    • debit: miscellaneous expense
    • credit: cash
  15. Establish a Petty Cash Fund?
    • debit: petty cash
    • credit: cash
  16. Replenish Petty Cash Fund?
    • debit: payables
    • credit: cash
  17. Replenish Cash with Overage?
    • debit: payables
    • credit: cash short or over
    • credit: cash
  18. Replenish Cash with Shortage?
    • debit: payables
    • debit: cash short or over
    • credit: cash
  19. Direct Write-Off Method?
    • debit: uncollectibles account expense
    • credit: accounts receivable/ customers account
  20. Collection of Uncollectible Accounts Receivable?
    • debit: accounts receivable/ customers account
    • credit: allowance for uncollectible accounts
  21. Received Cash from Previously written off account?
    • debit: cash
    • credit: accounts receivable
  22. Issuance of Notes Payable?
    • debit: cash
    • credit: notes payable
  23. Payment of Principal and Interest on Notes Payable?
    • debit: notes payable
    • debit: interest expense
    • credit: cash
  24. Extension of Time for Notes Payable?
    • debit: accounts payable
    • credit: notes payable
  25. Paying Notes Payable for Extension of Time?
    • debit: notes payable
    • debit: interest expense
    • credit: cash
  26. Collection of Principal and Interest on Notes Receivable?
    • debit: cash
    • credit: notes receivable
    • credit: interest income
  27. Accepting Notes Receivable?
    • debit: notes receivable?
    • credit: accounts receivable
  28. Dishonored Notes Receivable?
    • debit: accounts receivable
    • credit: notes receivable
    • credit: interest income
  29. Annual Depreciation Expense?
    • debit: depreciation expense
    • credit: accumulated depreciation
  30. Payment of Taxes?
    • debit: social security tax, medicare tax, federal income tax
    • credit: cash
  31. Federal Unemployment Tax?
    • debit: federal income tax payable
    • credit: cash
  32. State Unemployment Tax?
    • debit: state unemployment tax payable
    • credit: cash

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