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Accounting Reviewer > Lesson 5 - Journal Entries > Flashcards

Lesson 5 - Journal Entries Flashcards

0
Q

Perpetual
Seller
Purchase/Sale

A

Dr: Cash/Accounts Receivable
Cr: Sales Revenue

Dr: Cost of Goods Sold
Cr: Inventory

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1
Q

Perpetual
Buyer
Purchase/Sale

A

Dr: Inventory

Cr: Cash/Accounts Payable

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2
Q

Periodic
Buyer
Purchase/Sale

A

Dr: Purchases

Cr: Cash/Accounts Payable

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3
Q

Periodic
Seller
Purchase/Sale

A

Dr: Cash/Accounts Receivable

Cr: Sales Revenue

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4
Q

Perpetual
Purchase Return/ Sale Return
Buyer

A

Dr: Cash/ Accounts Payable

Cr: Inventory

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5
Q

Perpetual
Purchase Return/Sale Return
Seller

A

Dr: Sales Returns and Allowances
Cr: Cash/Accounts Receivable

Dr: Inventory
Cr: Cost of Goods Sold

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6
Q

Periodic
Purchase Return/Sale Return
Buyer

A

Dr: Cash/Accounts Payable

Cr: Purchase Returns and Allowances

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7
Q

Periodic
Purchase Return/Sale Return
Seller

A

Dr: Sales Return and Allowances

Cr: Cash/Accounts Receivable

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8
Q

Perpetual
Purchase Allowance/Sale Allowance
Buyer

A

Dr: Cash/Accounts Payable

Cr: Inventory

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9
Q

Perpetual
Purchase Allowance/Sale Allowance
Buyer

A

Dr: Sales Returns and Allowances

Cr: Cash/Accounts Receivable

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10
Q

Periodic
Purchase Allowance/Sale Allowance
Buyer

A

Dr: Cash/Accounts Payable

Cr: Purchases Returns and Allowances

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11
Q

Periodic
Purchase Allowance/Sale Allowance
Seller

A

Dr: Sales Returns and Allowances

Cr: Cash/Accounts Receivable

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12
Q

Perpetual
Purchase Discount/Sales Discount
Buyer

A

Dr: Accounts Payable
Cr: Cash
Inventory

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13
Q

Perpetual
Purchase Discount/Sales Discount
Seller

A

Dr: Cash
Sales Discount
Cr: Account Receivable

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14
Q

Periodic
Purchase Discount/Sales Discount
Buyer

A

Dr: Accounts Payable
Cr: Cash
Purchase Discount

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15
Q

Periodic
Purchase Discount/Sale Discount
Seller

A

Dr: Cash
Sales Discount
Cr: Accounts Receivable

16
Q

Perpetual
FOB Shipping Point
Buyer
A.) Buyer Pays

A

Dr: Inventory

Cr: Cash

17
Q

Perpetual
FOB Shipping Point
Buyer
B.) Seller pays first

A

Dr: Inventory

Cr: Accounts Payable (to Seller)

18
Q

Perpetual
FOB Shipping Point
Seller
A.) Buyer Pays

19
Q

Perpetual
FOB Shipping Point
Seller
B.) Seller Pays First

A

Dr: Accounts Receivable

Cr: Cash (to Shipper)

20
Q

Periodic
FOB Shipping Point
Buyer
A.) Buyer pays

A

Dr: Freight In

Cr: Cash

21
Q

Periodic
FOB Shipping Point
Buyer
B.) Seller pays first

A

Dr: Freight In

Cr: Accounts Payable (to seller)

22
Q

Periodic
FOB Shipping Point
Seller
A.) Buyer pays

23
Q

Periodic
FOB Shipping Point
Seller
B.) Seller pays first

A

Dr: Accounts Receivable (from Buyer)

Cr: Cash (to shipper)

24
Q

Perpetual
FOB Destination Point
Buyer
A.) Seller pays

A

No Transaction

25
Q

Perpetual
FOB Destination Point
Buyer
B.) Buyer pays first

A

Dr: Accounts Payable (to seller)

Cr: Cash (to shipper)

26
Q

Perpetual
FOB Destination Point
Seller
A.) Seller pays

A

Dr: Delivery Expense or Freight Out

Cr: Cash

27
Q

Perpetual
FOB Destination Point
Seller
B.) Seller pays first

A

Dr: Delivery Expense or Freight Out

Cr: Accounts Receivable (to Buyer)

28
Q

Periodic
FOB Destination Point
Buyer
A.) Seller pays

A

No transaction

29
Q

Periodic
FOB Destination Point
Buyer
B.) Buyer pays first

A

Dr: Accounts Payable (to Seller)

Cr: Cash (to shipper)

30
Q

Periodic
FOB Destination Point
Seller
A.) Seller pays

A

Dr: Delivery Expense or Freight Out

Cr: Cash

31
Q

Periodic
FOB Shipping Point
Seller
B.) Buyer pays first

A

Dr: Delivery Expense or Freight Out

Cr: Accounts Receivable (to Buyer)

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