Journal Entries Flashcards
Journal Entry for accounting for contributions simple:
Debit:
Asset for fair value
Credit:
Contribution Revenue for same amount
Journal entry for accounting for contributions complex
Debit:
Contribution Expense
Credit:
Land
Gain on Disposal of land
Journal entry to record impairment
Debit:
Loss on Impairment
Credit:
Accumulated Depreciation
Journal entry to record sales tax payable:
Debit:
Cash
Credit:
Sales Revenue
Sales Tax Payable
Journal entry when sales taxes not recorded separately during sale:
Debit:
Sales Revenue
Credit:
Sales Taxes Payable
Journal entry for vacation pay when earned/Accrued:
Debit:
Salaries and Wages Expense
Credit:
Salaries and Wages Payable
Journal entry to record vacation pay when taken:
Debit:
Salaries and wages Payable
Salaries and Wages Expense (for increase in Pay amt.
Credit:
Cash
Journal entry to record bonuses when earned:
Debit:
Wages and Salaries Expense
Credit:
Wages and Salaries payable
Journal entry to record bonus when paid:
Debit:
Salaries and Wages payable for bonus
Credit:
Cash
Journal entry to record a probable loss lawsuit contingency:
Debit:
Lawsuit Loss
Credit:
Lawsuit Liability
Journal entry for expense warranty approach when sold:
Debit:
cash or AR
Credit:
Sales revenue
Journal entry for warranty in the same year, as warranties are serviced:
Debit:
warranties expense
Credit:
Cash/Inventory/etc.
Journal entry next year for warranties:
Debit:
warranty liability
Credit:
cash/inventory/etc.
Journal entry for obligating event when it is incurred:
Debit:
Asset
Credit:
ARO
Journal entry for using depreciation to allocate ARO Expense:
Debit:
Accumulated Depreciation on asset
Credit:
asset