03/12/2016

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The flashcards below were created by user Joens1313 on FreezingBlue Flashcards.


  1. Record a sale for $1,000 Cash
    • Cash            1,000
    •     Sales Revenue          1,000
  2. Record a sale for $1,000 on account
    • Accounts Receivable      1,000
    •       Sales Revenue                1,000
  3. Record collecting $1,000 in a credit sale
    • Cash                                 1,000
    •      Accounts Receivable                   1,000
  4. Record a sale for $1,000, with a 4% discount
    • Sales discount              40
    • Accounts receivable     960
    •         Sales revenue               1,000
  5. Record a $20 sales return
    • Sales returns                       20
    •        Accounts Receivable                  20
  6. Record a 3% sales allowance for sales returns on $1,000 in sales.
    • sales returns                               30
    •        Allowance for sales returns          30
  7. Record a $5 return against the allowance for sales returns
    • allowance for sales returns         5
    •        Accounts receivable                  5
  8. Record a write off of 1% of $1,000 in sales as uncollectable
    • Bad Debt Expense                10
    •      Accounts Receivable                  10
  9. Record Factoring $1,000 of receivables at a 7.5% discount
    • Cash                                    925
    • A/R Factoring expense             75
    •         Accounts Receivable                  1000
  10. Record an allowance for doubtful accounts based on 7% of $1,000 in sales.
    • Bad Debt Expense                             70
    •    Allowance for Doubtful accounts              70
  11. Record writing off $12 of accounts receivable
    • Allowance for doubtful accounts         12
    •       Accounts receivable                             12

Card Set Information

Author:
Joens1313
ID:
317262
Filename:
03/12/2016
Updated:
2016-03-12 17:00:50
Tags:
03 12 2016
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Description:
03/12/2016
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