Chapter 2 Journal Entries Flashcards
Accrued Assets/Revenues
DR: Accounts Receivable
CR: Accrued Revenue
Accrued Liabilities/Expenses
DR: Accrued Expense
CR: Accrued Liability
Estimated Liabilities
DR: Accrued Expense
CR: Accrued Liability
Deferred Charges
DR: Deferred Charge
CR: Cash/Asset
Deferred Credit/Unearned Revenue
DR: Cash
CR: Unearned/Deferred Revenue
Collection of Unearned Royalty
DR: Cash
CR: Unearned Royalty
Recognition of Earned Royalty
DR: Unearned Royalty
CR: Earned Royalty
Franchisor Recording Fees
DR: Cash
DR: Notes Receivable [Face Value]
CR: Discount on Note Receivable [face - PV]
CR: Unearned Franchise Fee Rev [PV of NR + Cash]
Franchisee Recording Franchise
DR: Franchises [PV of NR + Cash]
DR: Discount on Note Payable
CR: Notes Payable [Face Value]
CR: Cash
Goodwill Impairment Loss at Year End
DR: Loss due to Impairment
CR: Goodwill
Record Installment Sale
DR: Installment Sale Accounts Receivable
CR: Inventory
CR: Deferred Gross Profit
Recognize Cash Collection on Installment Sale
DR: Cash
CR: Installment Sale Accounts Receivable
Record Profit on Collection of Installment Sale
DR: Deferred Gross Profit
CR: Realized Gross Profit on Installment Sales
Record Cost Recovery Sale
DR: Cost Recovery Receivable
CR: Inventory
CR: Deferred Gross Profit
Recognized Cash Collection on Cost Recovery Sale
DR: Cash
CR: Cost Recovery Receivable
