Journal Entries Flashcards
Issued Shares
DR $
CR Common Shares
Sale of Goods
DR $
CR Rev.
DR COGS
CR Inventory
Use prepaid insurance
DR Insurance expense
CR PPI
Accrual: estimating what an invoice will be prior to completing service (ie. lawyer)
DR Accrued Revenue (this is an asset account)
CR Service Revenue
Sale with right of return
DR. A.R.
CR Refund Liability
CR Sales Revenue
DR COGS
CR Inventory$ collected - right of return
DR $
CR A.R.
Refund (right of return)
DR Refund Liability (a liability acct.)
CR $
Prepayment
DR $
CR Unearned Revenue
Service delivered after prepayment
DR Unearned revenue
CR Service Revenue
Goods delivered after prepayment
DR Unearned Revenue
CR Sales Revenue
DR COGS
CR Inventory
Gift card purchased
DR $
CR Unearned Revenue
Gift card redeemed
DR Unearned Revenue
CR Revenue
DR COGS
CR Inventory
Accounts Receivable Allowance for Doubtful Accounts(opening it)
DR Bad Debts Expense
CR Allowance for Doubtful Accounts
Write-off with allowance
DR A for DA
CR A.R.
Direct write-off
DR Bad Debts Expense
CR A.R.
Recovery after write-off, with allowance.
DR A.R.
CR A for DA
DR $
CR A.R.
OR
DR $
CR AFDA
Credit card sale
DR A.R.-cc
DR cc expense
CR Revenue
DR COGS
CR InventoryCredit card company sends $
DR $
CR A.R.-cc
2/10 receivable collected
DR $ (Xxx-2%)
DR Sales Discount (exp)(2% of Xxx)
CR A.R. (Xxx)
Add stock to inventory
DR Inventory
CR $
Write-down with reasonably certain valuation
DR COGS
CR Inventory
Write-down with uncertain valuation
DR Inventory Impairment Expense (COGS acct.)
CR Inventory Allowance (contra Inventory acct)
Inventory is short
DR COGS
CR Inventory
Inventory is over.
DR Inventory
CR COGS
Accrual: Recognize a monthly interest payment that will come in.
DR Interest Receivable
CR Interest Revenue
Accrual: account for wages payable at the end of a period.
DR Wages Expense
CR Wages Payable
Deferral: Use up prepaid tuition revenue.
DR Un.Rev.
CR Tuition Rev.
Deferral: use up some PPI.
DR Insurance Expense
CR Prepaid Insurance
Apply some depreciation.
DR Depreciation Expense
CR Accumulated Depreciation, (equip/ etc.)(asset contra account)
