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ACC 213 > Exam 1 Entries > Flashcards

Exam 1 Entries Flashcards

1
Q

Date of Issuance: Bonds

A

Dr Cash

Cr Bonds Payable

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2
Q

Date of Issuance: Bonds Between Interest Dates

A

Dr Cash
Dr Discount on Bonds Payable
Cr Bonds Payable
Cr Interest Payable

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3
Q

Date of Issuance: Bonds Issued with Stock Warrants (Nondetachable)

A

Dr Cash
Cr Bonds Payable
Cr Premium on Bonds Payable

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4
Q

Date of Issuance: Bonds Issued with Stock Warrants (Detachable–Proportional Method)

A

Dr Cash
Dr Discount on Bonds Payable
Cr Bonds Payable
Cr APIC-Stock Warrants

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5
Q

Date of Issuance: Bonds Issued with Stock Warrants (Detachable–Incremental Method)

A

Dr Cash
Cr Bonds Payable
Cr Premium on Bonds Payable
Cr APIC-Stock Warrants

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6
Q

Interest Payment Date: First Interest Period (Accrual Included)

A

Dr Interest Expense
Dr Interest Payable
Cr Cash
Cr Discount on Bonds Payable

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7
Q

Interest Payment Date: Interest Paid

A

Dr Interest Expense
Cr Cash
Cr Discount on Bonds Payable

Dr Interest Expense
Dr Premium on Bonds Payable
Cr Cash

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8
Q

Early Retirement Entry

A

***Carrying Value-Retirement Price=Gain/Loss Received

Dr Bonds Payable
Cr Discount on Bonds Payable
Cr Gain on Early Retirement of Debt
Cr Cash

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9
Q

Conversion Entry

A

Dr Bonds Payable
Dr Premium on Bonds Payable
Cr Common Stock-Par Value
Cr APIC in Excess of Par-Common Stock

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10
Q

Short-term Debt Reclassification Entry

A

Dr Short-term Notes Payable

Cr Long-term Notes Payable

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11
Q

Current Maturity of Long-term Debt

A

Dr Cash
Cr Bonds Payable (Long-term)

Dr Bonds Payable (Long-term)
Cr Current Maturities of Bonds Payable

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12
Q

Entries for Issuance: Issued for Noncash Consideration

A

Dr Expense Account
Cr Common Stock
Cr APIC in Excess of Par-Common Stock

***Value goods/services @ Fair Value of stock issues in exchange

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13
Q

Entries for Issuance: Stock Issue Costs

A

REDUCE the issue price

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14
Q

Entries for Issuance: Conversion of Common Stock to Preferred Stock

A

Dr Convertible Preferred Stock
Dr APIC in Excess of Par-Preferred Stock
Cr Common Stock-Par
Cr APIC in Excess of Par-Common Stock

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15
Q

Entries for Issuance: Mandatorily Redeemable Preferred Stock

A

Dr Cash
Cr Obligation Related to Mandatorily Redeemable Preferred Shares

***Redemption is certain @ specific price and specific date

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16
Q

Treasury Stock: Purchase

A

Dr Treasury Stock

Cr Cash

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17
Q

Treasury Stock: Reissuance (Above Cost)

A

Dr Cash
Cr Treasury Stock
Cr APIC from Treasury Stock Transactions

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18
Q

Treasury Stock: Reissuance (Below Cost)

A

Dr Cash
Dr APIC from Treasury Stock Transactions
Dr Retained Earnings
Cr Treasury Stock

19
Q

Dividend Entry: Cash (Cumulative Preferred)

A

Dr Dividends-Preferred
Cr Dividends Payable-Preferred

Dr Dividends Payable-Preferred
Cr Cash

20
Q

Dividend Entry: Cash (Common Stock)

A

Dr Dividends-Common
Cr Dividends Payable-Common

Dr Dividends Payable-Common
Cr Cash

21
Q

Dividend Entry: Small Stock Dividends (FMV)

A

Dr Dividends
Cr Common Stock Dividends Distributable
Cr APIC in Excess of Par-Common

Dr Common Stock Dividends Distributable
Cr Common Stock-Par

22
Q

Dividend Entry: Large Stock Dividends (Par)

A

Dr Dividends
Cr Common Stock Dividends Distributable

Dr Common Stock Dividends Distributable
Cr Common Stock-Par

23
Q

Prior Period Adjustment Entry

A

Dr Account Receivable
Cr Retained Earnings
Cr Payable Account

24
Q

Accounting for Debt Investments at Each Classification: HTM

A

Dr HTM-Cost
Cr Cash

***No discount/premium accounts—Issued at Acquisition Cost

25
Q

Accounting for Debt Investments at Each Classification: HTM With Accrued Interest

A

Dr HTM Debt Investment-Cost
Dr Interest Receivable
Cr Cash

26
Q

Accounting for Debt Investments at Each Classification: HTM Interest Revenue

A

Dr Cash
Dr HTM Debt Investments
Cr Interest Revenue

27
Q

Accounting for Debt Investments at Each Classification: HTM Maturity

A

Dr Cash

Cr HTM Debt Investments

28
Q

Accounting for Debt Investments at Each Classification: Trading

A

Dr Trading Debt Investments

Cr Cash

29
Q

Accounting for Debt Investments at Each Classification: Trading FVA for a Decrease

A

Dr Unrealized Holding Loss

Cr FVA-Trading Debt Investments

30
Q

Accounting for Debt Investments at Each Classification: Trading Sold

A

Dr Cash
Dr Realized Loss-Net Income
Cr Trading Debt Investments

***Adjusting Entry
Dr FVA-Trading Debt Investments
Cr Unrealized Gain-Net Income

31
Q

Accounting for Debt Investments at Each Classification: AFS

A

Dr AFS Debt Investments

Cr Cash

32
Q

Accounting for Debt Investments at Each Classification: AFS Interest Revenue

A

Dr Cash
Dr AFS Debt Investment
Cr Interest Revenue

33
Q

Accounting for Debt Investments at Each Classification: AFS FVA for a Decrease

A

Dr Unrealized Loss-OCI

Cr FVA-AFS Debt Investments

34
Q

Accounting for Equity Investments: Equity Securities with no Significant Influence and Readily Determinable Fair Value

A

Dr Equity Investment
Cr Cash

Dr Unrealized Loss-Net Income
Cr FVA-Equity Investment

35
Q

Accounting for Equity Investments: Equity Securities with no Significant Influence and no Readily Determinable Fair Value

A

Dr Equity Investment
Cr Cash

Dr FVA-Equity Investment
Cr Unrealized Gain-Net Income

36
Q

Accounting for Equity Investments: Equity Method–Net Assets Equal Fair Value

A

Dr Investment
Cr Cash

Dr Investment
Cr Investment Income

Dr Cash
Cr Investment

Dr Loss on Investment
Cr Investment

37
Q

Accounting for Equity Investments: Equity Method–Net Assets Not Equal to Fair Value

A

Dr Investment
Cr Cash

Dr Investment
Cr Investment Income

Dr Cash
Cr Investment

Dr Investment Income
Cr Investment

38
Q

Accounting for Equity Investments: Fair Value Option

A

Dr Equity Investment
Cr Cash

Dr FVA-FVO
Cr Unrealized Gain on Equity Investment-FVO-Net Income

39
Q

Long Term Notes Receivable: Issuance

A

Dr Notes Receivable

Cr Cash

40
Q

Long Term Notes Receivable: Interest Payment Received

A

Dr Cash
Cr Interest Revenue
Cr Note Receivable

41
Q

Long Term Notes Receivable: With Accrued Interest

A

Dr Note Receivable
Cr Cash

Dr Cash
Cr Interest Receivable
Cr Interest Revenue
Cr Note Receivable

42
Q

Non Interest Bearing Note and Interest Payment

A

Dr Notes Receivable
Cr Discount on Notes Receivable
Cr Cash

Dr Discount on Notes Receivable
Cr Interest Revenue

43
Q

Note Receivable: Discount

A

Dr Note Receivable
Cr Discount on Notes Receivable
Cr Cash

Dr Interest Receivable
Dr Discount on Notes Receivable
Cr Interest Revenue

ACC 213 (7 decks)

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