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Intermediate Managerial Accounting > Chapter 13 Journal Entries > Flashcards

Chapter 13 Journal Entries Flashcards

1
Q

Premiums: ASPE J/E to record cash purchase of premiums (1/4)

A

Dr. Inventory of Premiums
Cr. Cash

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2
Q

Premiums: ASPE J/E to record cash sales (2/4)

A

Dr. Cash
Cr. Sales Revenue

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3
Q

Premiums: ASPE J/E to record Redemption (3/4)

A

Dr. Cash
Dr. Premium Expense
Cr. Inventory of premiiums

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4
Q

Premiums: ASPE Adj entry to recognize remaining expense and estimated liability for outstanding premiums at end of premium (4/4)

A

Dr. Premium Expense
Cr. Estimated liability for premiums

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5
Q

Premiums (IFRS) J/E to record cash purchase of premiums (1/3)

A

Dr. Inventory of premiums
Cr. Cash

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6
Q

Premium (IFRS) j/e to record cash sales (2/3)

A

Dr. Cash
Cr. Revenue
Cr. Unearned Revenue

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7
Q

Premium (IFRS) j/e to record Redemption (3/3)

A

Dr. Cash
Dr. Premium Expense
Cr. Inventory of premiums

Dr. Unearned Revenue
Cr. Sales Revenue

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8
Q

Taxables- To record purchases

A

Dr. Purchase
Dr. GST receivable
Cr. A/P

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9
Q

Taxables (2/3) J/e to record sales

A

Dr. A/R
Cr. GST payable
Cr. Sales Revenue

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10
Q

Taxables: subsequent j/e to record payment of any GST owing to receiver general for Canada

A

Dr. GST payable
Cr. Cash
Cr. GST receivable

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11
Q

IFRS (Litigation) IF: Lawsuit PROBABLE and VERY likely or PROBABLE although NOT LIKELY

A

Dr. Litigation Expense
Cr. Litigation Liability

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12
Q

IFRS (Litigation) IF: NOT PROBABLE

A

NO ENTRY

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13
Q

ASPE Litigation if lawsuit PROBABLE AND VERY LIKELY

A

Dr. Litigation Expense
Cr. Litigation Liability

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14
Q

ASPE (Litigation) IF: Probable although NOT likely

A

NO ENTRY

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15
Q

Payroll (1/4) J/E to record payroll if the salaries and wages paid and the employer payroll taxes are recorded separately

A

Dr. Salaries and Wages Expense
Cr. EI Tax Deductions payable
Cr. CPP Contributions Payable
Cr. EI Premiums payable
Cr. Union Dues Payable
Cr. Cash

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16
Q

Payroll 2/4-j/e to record employer contributions

A

Dr. Payroll Tax Expense
Cr. CPP Contributions Payable
Cr. EI premiums Payable

17
Q

Payroll 3/4-J/E to record remittance

A

Dr. EI Tax Deduction Payable
Dr. EI Premiums Payable
Dr. CPP Contributions Payable
Cr. Cash

18
Q

Payroll 4/4 J/E to remit unions dues collected

A

Dr. Union Dues Payable
Cr. Cash

Intermediate Managerial Accounting (7 decks)

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