Journal Entries Flashcards
Establish Allowance
Dr Uncollectible accts exp
Cr Allow for uncollectible Accounts
Write off Allowance
Dr. Allow for uncollectible accts
Cr. Uncollectible accts exp
Sale for Loss
Dr. Cash
Accum Dep
Loss
Cr. Equip
Sale for Gain
Dr. Cash
Accum Dep
Cr. Equip
Gain
Issued bewteen interest dates
Dr. Cash 102,000
Cr. Interest payable 2,000
Bonds payable 100,0000
To record issuance of 100 12% Bonds
Dr. Interest Exp 4,000
Interest Payable 2,000
Cr. Cash 6,000
Discount
Dr. Cash 92,000
Discount on Bonds Payable 7,772
Cr. Bonds Payable 100,0000
To record issuance of 100, 8%, 5 year bonds at discount
Dr. Interest Exp 4,772
Cr Discount on Bonds Payable 772
Cash 4,000
To record interest payment
Dr. Bonds Payable 100,000
Cr. Cash 100,000
Par
Dr. Cash 100,000
Cr. Bonds Payable 100,000
To record issuance of 100, 8%, 5 year Bonds at par
Dr. Interest Exp 4,000
Cr. Cash 4,000
To record semi annual interest
Premium
Dr. Cash 108,530
Cr. Premium on Bonds Payable 8,530
Bonds Payable 100,0000
To record issuance of 100, 8%, 5 year bonds at premium
Dr. Interest Exp 3,147
Premium on BP 853
Cr. Cash 4,000
Declaration
Dr. Dividends 1,500,0000 Cr. Dividends Payable 1,500,000
Payment of Cash dividends
Dr. Dividends Payable 1,500,000
Cr. Cash 1,500,000
Collect AR
Dr. Cash
Cr. AR
Recording Sale
Dr. A/R
Cr. Sales
Record Yr End Gain
Dr. A/R
Cr. Currency Exchange Gain
Record Loss on collection
Dr. Cash
Currency Exchange Loss
Cr. A/R
F.O.B Shipping Point
Dr. Purchases
Freight In
Cr. Cash
A/P
F.O.B Destination
Dr. A/R
Freight- out
Cr. Cash
Sales
Large
Dr. Retained Earnings
Cr. Common Stock
Small
Dr. Retained Earnings
Cr. Common Stock
APIC
Purchase
Dr. Treasury Stock
Cr. Cash
Issued above Cost
Dr. Cash
Cr.Treasury Stock
APIC
Issued below costs
Dr. Cash
APIC
Cr. Treasury Stock
Record Estimated Exp
Dr. Warranty Exp
Cr. Warranty Liability
Actual warranty costs
Dr. Warranty Liability
Cr. Cash
