Jornal Entries Flashcards
Accrued Liabilities
DR: Salaries Expense
CR: Salaries Payable
Accrued Asset
DR: Accounts Receivable
CR: Revenue
Prepaid Expense
DR: Prepaid Rent
CR: Cash
Prepaid Adjustment
DR: Rent Expense
CR: Prepaid Rent
Unearned or Deferred Revenue
DR: Cash
CR: Unearned Revenue
Unearned Revenue to Earned Revenue
DR: Unearned Revenue
CR: Revenue
Collection of Royalties “Recognize”
DR: Cash
CR: Unearned Royalty Revenue
Earned Royalty Adjustment
DR: Unearned Royalty Revenue
CR: Earned Royalty Revenue
Franchisor: Record Fees
DR: Cash
DR: Notes Receivable
CR: Discount on notes Receivable (Contra Asset)
CR: Unearned Franchise Fee Revenue
Franchisee: Record Franchise
DR: Franchises
DR: Discount on Notes Payable
CR: Notes Payable
CR: Cash
Goodwill Impairment
DR: Loss due to Impairment
CR: Goodwill
Record Installment Sales
DR: Installment Sales AR
CR: Inventory (COGS)
CR: Deferred Gross Profit (Contra Receivable)
Sale under Cost Recovery Method
DR: Cost Recovery Receivable
CR: Inventory
CR: Deferred Gross Profit (Contra Receivable)
Collection: Cost Recovery Method
DR: Cash
CR: Cost Recovery Receivable
Record to “Close Out” Cost Recovery
DR: Deferred Gross Profit
CR: Realized Gross Profit on Cost
CR: Recovery Sales Revenue
