3010 final entries

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Author:
yhliuaa
ID:
291702
Filename:
3010 final entries
Updated:
2014-12-15 21:25:03
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3010 final entries
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3010 final entries
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  1. Sales with right of return

    • Dr Cash Cr Return liability + Sales
    • Dr COGS + Estimated return Cr Inventory

  2. Discrepancy between count and books

    Dr ivt over and short Cr ivt

  3. Adjusting entry at period-end for periodic inventory

    Dr COGS + ivt(ending) Cr Purchase + ivt(beginning)

  4. Capitalize interest previously not recognized

    Dr Building(cap. Interest) + interest expense Cr Cash

  5. Adjusting entry for capitalizing interest previously expensed

    Dr building Cr interest expense

  6. Impairment loss for intangible assets/PPE

    Dr loss on impairment Cr AD

  7. Reversal of Impairment loss for intangibles

    Dr intangible asset Cr loss on impairment

  8. Reversal of Impairment loss for PPE

    Dr AD Cr recovery of loss on impairment

  9. LCNRV – loss

    Dr loss due to decline to NRV Cr Allowance to reduce ivt to NRV

  10. LCNRV – cogs

    Dr COGS Cr Allowance to reduce ivt to NRV

  11. Decrease in Allowance to reduce ivt to NRV – loss

    Dr Allowance to reduce ivt to NRV Cr recovery of loss due to decline to NRV

  12. Purchase recorded at net - Payment after discount period

    Dr AP + purchase discount lost Cr Cash

  13. Purchase recorded at gross – payment before discount period

    Dr AP Cr Purchase discount + cash

  14. Purchase return

    Dr AP Cr purchase return allowance

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