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Accounting 100 > Journal Entries for Chapter 5 > Flashcards

Journal Entries for Chapter 5 Flashcards

1
Q

COGS perpetual system

A

entry is made to record COGS each time a sale is made

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2
Q

COGS periodic system

A

not determined until end of period:

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3
Q

gross profit =

A

sales revenue- COGS

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4
Q

net income/loss =

A

gross profit-operating expenses

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5
Q

cost of goods available for sale =

A

beginning inventory + Cost of goods purchased

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6
Q

COGS (periodic) =

A

COGAFS - ending inventory

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7
Q

journal entry: purchase (perpetual)

A

dr. inventory

cr. a/p

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8
Q

journal entry: freight you pay when selling (perpetual)

A

dr. freight out

cr. cash

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9
Q

journal entry: freight paid to seller when you’re buying (perpetual)

A

dr. inventory

cr. cash

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10
Q

journal entry: purchase return (perpetual)

A

dr. a/p

cr. inventory

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11
Q

journal entry: buying w/ discount (perpetual)

A

dr. a/p
cr. inventory
cr. cash

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12
Q

journal entry: record a sale (perpetual)

A

dr. a/r
cr. sales revenue
dr. COGS
cr. inventory

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13
Q

journal entry: sales r/a (perpetual)

A

dr. sales r/a
cr. a/r
dr. inventory
cr. COGS

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14
Q

journal entry: sales discount (perpetual)

A

dr. cash
dr. sales discount
cr. a/r

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15
Q

journal entry: purchase (periodic)

A

dr. purchases

cr. a/p

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16
Q

journal entry: paying freight to seller when buying (periodic)

A

dr. freight in

cr. cash

17
Q

journal entry: purchase return (periodic)

A

dr. a/p

cr. purchase r/a

18
Q

journal entry: purchase discount (periodic)

A

dr. a/p
cr. purchase discount
cr. cash

19
Q

journal entry: sale (periodic)

A

dr. a/r

cr. sales revenue

20
Q

journal entry: sales r/a (periodic)

A

dr. sales r/a

cr. a/r

21
Q

journal entry: sales discount (periodic)

A

dr. cash
dr. sale discount
cr. a/r

22
Q

3 important line items for a multi-step income statement

A

1) gross profit
2) income from operations
3) net income

Accounting 100 (15 decks)

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