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8 Cards in this Set
- Front
- Back
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A journal that is used to record and post transactions of a similar type is a _____? |
Special Journal |
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Chandler Company sold merchandise on credit to Jamie Morgan for $700 and the cost of the merchandise was $290. Chandler would record this sale in the _____? |
Sales Journal |
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Chandler Company purchased merchandise on credit from Lighting Supply for $5,600. Chandler would record this sale in the _____? |
Purchases Journal |
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Straight-Line Method |
(cost-salvage value) / Useful life *put answer in months* |
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Straight-Line Journal Entry |
Debit I Credit Depreciation Expense $(per month) Accumulated Depreciation $(per month) |
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Double Declination |
(100%) / useful life = % (%)(2) = value to multiply by book value (Book Value)(%) = Depreciation Book Value - Depreciation = New Book Value When Depreciation is LESS than Salvage... Salvage Value - TOTAL Depreciation = EXTRA Last Book Value - EXTRA = $ Depreciation for year x |
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Units of Production |
(Cost - Salvage) / Total # of Units = cents per unit (1st year $)(cents per unit) = Depreciation Max = Cost - Salvage If Ending Depreciation is exceeds Max.... Ending Depreciation - Max = $ Depreciation for year x |
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Interest Journal |
Debit Credit Interest Expense $ Interest Payable $ |
