Accounting Entries Flashcards by Cait Sforza | Brainscape

Q

Buying Inventory - Periodic

A

Dr. Purchases

Cr. Cash/AP

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Q

Buying Inventory - Perpetual

A

Dr. Inventory

Cr. Cash/AP

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Q

Selling Inventory - Perpetual

A

Dr. AR/Cash Cr. Sales Revenue

Dr. COGS Cr. Inventory

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Q

Selling Inventory - Periodic

A

Dr. Ar/Cash

Cr. Purchases

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Q

Returns/Allowances - Perpetual

A

Dr. AP

Cr. Inventory

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Q

Returns/Allowances - Periodic

A

Dr. AP

Cr. Purchase Returns & Allowances

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Q

Periodic End of Period Inventory

A

Dr. COGS

Cr. Inventory

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Q

Issuing Stock for Cash

A

Dr. Cash

Cr. Common Share Capital

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Q

Stock Issued for Non-Cash Assets

A

Dr. Equipment

Cr. Common Share Capital

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Q

Declaration Date - Cash Dividends

A

Dr. Retained Earnings

Cr. Dividends Payable

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Q

Declaration Date - Stock Dividends

A

Dr. Retained Earnings

Cr. Stock Dividends Distributable

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Q

Payment Date - Cash Dividends

A

Dr. Dividends Payable

Cr. Cash

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Q

Payment Date - Stock Dividends

A

Dr. Stock Dividends Distributable

Cr. Common Shares

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