Journal Entries Flashcards
Increase size of imprest (petty cash) fund, including initially establishing fund
DR Petty Cash
CR Cash
Note: Petty Cash funds are normally included with unrestricted cash. They may include bond sinking funds Petty cash etc.
Replenish Imprest (Petty cash) cash fund
DR Expenses
DR Misc. Other Accounts
CR Cash
Note: Petty Cash funds are normally included with unrestricted cash. They may include bond sinking funds Petty cash etc.
Decrease size of imprest (Petty cash) Fund
DR Cash
CR Petty Cash
Note: Petty Cash funds are normally included with unrestricted cash. They may include bond sinking funds Petty cash etc.
End of period adjustments necessary if the Petty Cash fund is not replenished
DR Expenses
CR Petty Cash
Note: Petty Cash funds are normally included with unrestricted cash. They may include bond sinking funds Petty cash etc.
Sale Discount: Net Method entry at time of sale (amount formula)
DR Accounts Rec. Sale-Discount
CR Sales Sale-Discount
Sale Discounts: Net Method, Entry if cash is Received within discount period (amount formulas)
DR Cash (Sale-Discount) CR Accounts Receivable (Sale-Disc)
Sale Discounts: Net Method, Cash Received after discount period (With Amount Formulas)
DR Cash (Full Sale Amount)
CR Accounts Rec (Sale Amount-Disc)
CR Sales Discount Not Taken (Discount)
Sale Discounts: Gross Method (Amount Formula) Entry at time of sale
DR Accounts Receivable (sale amount)
CR sale (sale amount)Sale Discounts: Gross Method, entry if cash received within Discount period. (Amount Formulas)
DR Cash (Sale Amount-Discount)
DR Sales Discounts (Discount)
CR Accounts Receivable (Gross sale amount)
Sales Discounts: Gross Method, entry if Cash is received after Discount period (amount formulas)
DR Cash (Gross Amount)
CR Accounts Receivable (Gross Amount)Sales Discounts: Estimating Sales Discounts
DR Sales Discounts
CR allowance for sales Discounts
Occurrence of Sales Returns
DR Sales Returns and Allowances
CR Accounts Receivable
Estimate year end cost of goods to be returned as result of sales Returns
DR inventory
CR Cogs
Accounting for Uncollectible Accounts: Income Statement Approach (Formulas
DR Uncollectible Accounts Expense (Historical % of Uncollectible Accounts * Credit Sales)
CR Allowance for Uncollectible Accounts
accounting for uncollectible Accounts: Balance Sheet Approach, Percentage of Receivables (Amount Formulas)
DR Uncollectible Accounts (Desired Credit Balance in Allowance(historical % of past ar * Ar)-credit balance in allowance before adjustment)
CR allowance for Uncollectible Accounts
Allowance Method AR, Record collection of an account previously written off
DR AR
CR allowance for Uncollectibles
Dr Cash
CR AR
AR is not affected
Allowance Method: Write Off an Account
DR Allowance for Uncollectible
CR AR
