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38 Cards in this Set
- Front
- Back
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Issuance of Note to account payable ABC Company to satisfy past due amount on account payable.
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Debit Accounts Payable
Credit Notes Payable Memo Issued X-day, 12% note on account. |
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Payment of matured note payable plus interest.
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Debit notes payable and interest expense.
Credit cash. Memo:Paid principal and interest due on note. |
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Bank note issuance-Interest bearing.
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Debit cash.
Credit Notes Payable. Memo: Issued a X-day, Y% note to the bank. |
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Bank note payment-Interest bearing
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Debit notes payable and interest expense.
Credit cash. Memo:Paid principal and interest due on note. |
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Issuance of discounted note for inventory, cash or ?.
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Debit Merchandise Inventory or Cash or ?, and Interest Payable.
Credit Notes Payable. Memo: Issued a X-day note to ABC Co., discounted at Y%. |
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Payment of discounted note.
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Debit Notes Payable.
Credit Cash. Memo: Paid note due. |
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Estimated Warranty Expense.
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Debit Product Warranty Expns.
Credit Product Warranty Pyble. Memo: Warranty expense for June, 5% x $60,000. |
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Repairs made under Warranty.
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Debit Product Warranty Pyble.
Credit Cash or Supplies, etc. Memo: Replaced defective part under warranty. (or other) |
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Vacation pay recording at end of pay period.
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Debit Vacation Pay Expense.
Credit Vacation Pay Payable. Memo: Vacation pay for week ended Month date. |
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Taking vacation time.
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Debit Vacation Pay Payable.
Credit Salaries Payable. Memo: Vacations taken week ended Month date. |
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Employer’s cost of defined contribution retirement plan.
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Debit Pension Expense.
Credit Cash. Memo: Contributed 10% of monthly salaries to pension plan. |
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Pension cost of defined contribution retirement plan.
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Debit Pension Expense.
Credit Cash and, if some portion of Pension Expense is not covered by the Cash entry, Unfunded Pension Liability. Memo: To record annual pension cost and contribution to pension plan. |
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Post-Retirement Benefits Other than Pensions.
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Debit Post-retirmement Benefit Expense.
Credit Cash and, if some portion of Post-retirment Benefit Expense is not covered by the Cash entry, Unfunded Post-retirment Benefit Liability. Memo: To record annual post-retirmement benefit cost. |
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Vacation pay recording at end of pay period.
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Debit Vacation Pay Expense.
Credit Vacation Pay Payable. Memo: Vacation pay for week ended Month date. |
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Taking vacation time.
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Debit Vacation Pay Payable.
Credit Salaries Payable. Memo: Vacations taken week ended Month date. |
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Employer’s cost of defined contribution retirement plan.
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Debit Pension Expense.
Credit Cash. Memo: Contributed 10% of monthly salaries to pension plan. |
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Pension cost of defined contribution retirement plan.
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Debit Pension Expense.
Credit Cash and, if some portion of Pension Expense is not covered by the Cash entry, Unfunded Pension Liability. Memo: To record annual pension cost and contribution to pension plan. |
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Post-Retirement Benefits Other than Pensions.
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Debit Post-retirmement Benefit Expense.
Credit Cash and, if some portion of Post-retirment Benefit Expense is not covered by the Cash entry, Unfunded Post-retirment Benefit Liability. Memo: To record annual post-retirmement benefit cost. |
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Cash account transaction.
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additions are debits and reductions are credits.
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Direct addition of capital by owner.
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Debit Cash.
Credit [owner name], Capital. Memo: Invested cash in [company name]. |
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Purchase of land.
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Debit Land.
Credit Cash. Memo: Purchased land. |
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Purchase of supplies on account.
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Debit Supplies.
Credit Accounts Payable. Memo: Purchased supplies on account. |
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Payment of accounts payable creditor.
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Debit Accounts Payable.
Credit Cash. Memo: Paid creditors on account. |
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Receipt of service revenue from customer.
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Debit Cash.
Credit Fees Earned. Memo: Received fees from customer. |
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Expenses paid out of cash.
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Debit individual expense accounts.
Credit Cash. Memo: Paid expenses. |
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Recording amount of supplies used.
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Debit Supplies Expense.
Credit Supplies. Memo: Supplies used during [Month]. |
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Withdrawals by the owner.
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Debit [owner], Drawing.
Credit Cash. Memo: [owner] withdrew cash for personal use. |
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Costs of organizing corporation.
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Debit Organizational Expenses.
Credit Cash. Memo: Paid costs of organizing the corporation. |
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Stock issuance for cash at par.
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Debit cash.
Credit appropriate Common Stock, Preferred Stock account. Memo: Issued common/preferred stock at par for cash. |
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Stock issuance above par for cash.
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Debit Cash.
Credit Common/Preferred Stock (for par amount) Credit Paid-In Capital in Excess of Par-Common/Preferred Stock. Memo: Issued $x par preferred/common stock at $y. |
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Stock issuance above par for other asset.
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Credit [asset]at FMV.
Debit Common/Preferred Stock (for par amount). Debit Paid-In Capital in Excess of Par-Common/Preferred Stock. Memo: Issued $x par common/preferred stock, valued at $y per share, for [asset]. |
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Purchase of Treasury Stock.
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Debit Treasury Stock at cost of shares.
Credit Cash at cost of shares. |
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Sale of Treasury Shares-sale price>cost.
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Credit Cash for sale price.
Debit Treasury Stock for cost. Debit Paid-In Capital from Sale of Treasury Stock for price-cost. Memo: Sold x# shares treasury stock for $y. |
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Sale of Treasury Shares-sale price<cost.
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Debit Cash for sale price.
Debit Paid-In Capital from Sale of Treasury Stock for cost-price until $0 credit in PIC-sale of TS, then debit retained earnings account for remainder. Credit Treasury Stock for cost. Memo: Sold x# shares treasury stock for $y. |
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Cash dividend-declaration.
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Debit Cash Dividends.
Credit Cash Dividends Payable. Memo: Declared cash dividend. |
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Cash dividend-payment.
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Debit Cash Dividends Payable.
Credit Cash. Memo: Paid cash dividend. |
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Stock dividend-declaration.
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Debit Stock Dividends (X# x $y market price).
Credit Stock Dividends Distributable (X# x $z Par). Credit Paid-In Capital in Excess of Par-Comm Stock. Memo: Declared stock dividend. Memo: |
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Stock dividend-payment.
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Debit Stock Dividends Distributable.
Credit Common Stock. Memo: Issued stock dividend. |
