Chapter 7 Journal Entries Flashcards
1
Q
Sale of Goods/Services on Credit
A
Dr. Accounts Receivable
Cr. Sales Revenue
2
Q
Collection of Accounts Receivable
A
Dr. Cash
Cr. Accounts Receivable
3
Q
Allowance for Doubtful Accounts (ASPE)
A
Dr. Bad Debt Expense
Cr. Allowance for Doubtful Accounts
4
Q
Writing off Uncollectible Account (allowance method)
A
Dr. Allowance for Doubtful Accounts
Cr. Accounts Receivable
5
Q
Direct write off method
A
Dr. Bad Debt Expense
Cr. Accounts Receivable
6
Q
Recovery of Written-Off Account
A
Dr. Accounts Receivable
Cr. Allowance for Doubtful Accounts
Dr. Cash
Cr. Accounts Receivable
7
Q
Credit Sale with Discount
A
Dr. Accounts Receivable
Cr. Sales Revenue
Cr. Sales Discount
8
Q
Sales Return
A
Dr. Sales Returns & Allowances
Cr. Accounts Receivable
9
Q
(If inventory is returned)
A
Dr. Inventory
Cr. Cost of Goods Sold
