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
