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Accounting > Journal Entries > Flashcards

Journal Entries Flashcards

1
Q

Journal entry for output tax

A

DR bank gross amount
CR sales net amount
CR output tax vat amount

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2
Q

Journal entry for input tax

A

Dr purchase with net amount
Dr input tax account with vat amount
Cr bank with gross amount

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3
Q

Journal entry for sales on credit

A

Cr sales
Dr receivables
Dr individual customer account

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4
Q

Purchases on credit

A

Dr purchases
Cr payables
Individual customer account

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5
Q

Journal entries for purchase returns on credit

A

Dr payables
Cr purchase returns

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6
Q

Journal entry for purchase returns on cash

A

Dr cash at bank
Cr purchase returns

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7
Q

Journal entry for sales returns on credit

A

Dr sales returns
Credit receivables

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8
Q

Journal entry for sales returns

A

Dr sales returns
Credit cash at bank

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9
Q

Journal entry for allowing discounts

A

Dr bank net amount
Dr discounts allowed discount amount
Cr receivables full amount
Cr customer account full amount

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10
Q

Journal entry for discounts received

A

Cr bank net amount
Cr discounts received discount amount
Dr payables full amount
Dr supplier account full amount

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11
Q

Journal entry for accruals

A

Dr expense account
Cr accruals

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12
Q

Journal entry for prepayments

A

Dr prepayments
Cr expense account

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13
Q

Journal entry for irrecoverable debts

A

Dr irrecoverable debt expense
Cr receivables and customer account full

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14
Q

Journal entry for doubtful debts

A

Dr irrecoverable debts
Cr allowance for receivables

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15
Q

Journal entry for inventory

A

Dr inventory
Cr closing inventory

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16
Q

Journal entry for non current asset

A

Dr non current assets
Cr bank

17
Q

Journal entry for depreciation

A

Dr depreciation expense
Cr accumulated depreciation

18
Q

Journal entry for revaluation

A

Dr land
Cr revaluation reserve

19
Q

Journal entry for dividends

A

Dr retained earnings
Cr bank

20
Q

Journal entry for shares

A

Dr bank with full
Cr share capital
Cr share premium

Accounting (1 decks)

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