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word basics > journal entries > Flashcards

journal entries Flashcards

1
Q

purchase of inventory for cash

A

Inventory - increase
Cash - decrease

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2
Q

payment of local taxes

A

Tax Expense - increase
Cash - decrease

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3
Q

purchase of inventory on cash basis

A

Inventory - increase
Cash - decrease

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4
Q

payment of utilities expense

A

Utilities Expense - increase
Cash - decrease

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5
Q

purchase of inventory on accounts

A

Inventory - increase
Accounts Payable - increase

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6
Q

payment of various small expenses that do not warrant separate presentation

A

Miscellaneous Expense - increase
Cash - decrease

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7
Q

owners’ cash investment to the business

A

Cash - increase
Owner’s capital - increase

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8
Q

purchase of equipment on cash basis

A

Equipment - increase
Cash - decrease

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9
Q

sales on goods on cash basis (disregard cost of sales)

A

Cash - increase
Sale - increase

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10
Q

charging the cost of good sold as expense

A

Cost of Sale - increase
Inventory - decrease

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11
Q

payment of taxi fares of employees working night shift

A

Transportation Expense - increase
Cash - decrease

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12
Q

sale of inventory on account (disregard cost of sale)

A

Accounts Receivable - increase
Sale - increase

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13
Q

Charging of the cost of the inventory sold as expense

A

Cost of Sale - increase
Inventory - decrease

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14
Q

collection of accounts receivable

A

Cash - increase
Accounts Receivable - decrease

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15
Q

purchase of inventory on account

A

Inventory - increase
Accounts Payable - increase

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16
Q

obtaining a loan

A

Cash - increase
Notes Payable - increase

17
Q

payment of accounts payable

A

Accounts Payable - decrease
Cash - decrease

17
Q

provision of additional capital to the business by the owner

A

Cash - increase
Owners additional Capital - increase

18
Q

payment of loan obtained

A

Notes payable - decrease
Cash - decrease

19
Q

payment of interest expense

A

Interest Expense - increase
Cash - decrease

20
Q

drawings of the owner from the business

A

Owners Drawings - increase
Cash - decrease

21
Q

payment on advertising expense

A

Advertising Expense - increase
Cash - decrease

22
Q

payment of salaries expense

A

Salaries Expense - increase
Cash - decrease

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