Test 3 Journal Entries Flashcards by Kenny McConnell | Brainscape

Q

Closing of Sales Account

A

Sales

- Retained Earnings

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Q

Increase in Value in Trading Securities

A

Trading Securities

- Unrealized gains on trading securities

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Q

Depreciation of PP & E

A

Depreciation Expense

- A/D

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Q

Research and Development Costs During Period

A

R & D Expense

- Cash

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Q

Sale of PP & E (At a loss)

A

Cash
A/D
Loss-General
- PP & E

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Q

Sale of PP & E (Gain)

A

Cash
A/D
- PP & E
- Gain on sale of Equipment

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Q

Closing of Utilities Expense

A

Retained Earnings

- Utilities Expense

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Q

Purchase of Trading Securities

A

Trading Securities

- Cash

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Q

Accrual on an Installment note

A

Interest Expense

- Interest Payable

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Q

Impairment

A

Loss - Impairment

- Accumulated Impairment

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Q

Amortization of a Patent

A

Amortization Expense - Patent

- Patent

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Q

Cost of Inventory

A

COGS

- Inventory

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Q

Decrease in Value of the Available Sale Securities

A

Other Comprehensive Income (BS)

- Available-For-Sale Securities

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Q

Sales

A

A/R

- Sales

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