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38 Cards in this Set

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Issuance of Note to account payable ABC Company to satisfy past due amount on account payable.
Debit Accounts Payable
Credit Notes Payable
Memo Issued X-day, 12% note on account.
Payment of matured note payable plus interest.
Debit notes payable and interest expense.
Credit cash.
Memo:Paid principal and interest due on note.
Bank note issuance-Interest bearing.
Debit cash.
Credit Notes Payable.
Memo: Issued a X-day, Y% note to the bank.
Bank note payment-Interest bearing
Debit notes payable and interest expense.
Credit cash.
Memo:Paid principal and interest due on note.
Issuance of discounted note for inventory, cash or ?.
Debit Merchandise Inventory or Cash or ?, and Interest Payable.
Credit Notes Payable.
Memo: Issued a X-day note to ABC Co., discounted at Y%.
Payment of discounted note.
Debit Notes Payable.
Credit Cash.
Memo: Paid note due.
Estimated Warranty Expense.
Debit Product Warranty Expns.
Credit Product Warranty Pyble.
Memo: Warranty expense for June, 5% x $60,000.
Repairs made under Warranty.
Debit Product Warranty Pyble.
Credit Cash or Supplies, etc.
Memo: Replaced defective part under warranty. (or other)
Vacation pay recording at end of pay period.
Debit Vacation Pay Expense.
Credit Vacation Pay Payable.
Memo: Vacation pay for week ended Month date.
Taking vacation time.
Debit Vacation Pay Payable.
Credit Salaries Payable.
Memo: Vacations taken week ended Month date.
Employer’s cost of defined contribution retirement plan.
Debit Pension Expense.
Credit Cash.
Memo: Contributed 10% of monthly salaries to pension plan.
Pension cost of defined contribution retirement plan.
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.
Post-Retirement Benefits Other than Pensions.
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.
Vacation pay recording at end of pay period.
Debit Vacation Pay Expense.
Credit Vacation Pay Payable.
Memo: Vacation pay for week ended Month date.
Taking vacation time.
Debit Vacation Pay Payable.
Credit Salaries Payable.
Memo: Vacations taken week ended Month date.
Employer’s cost of defined contribution retirement plan.
Debit Pension Expense.
Credit Cash.
Memo: Contributed 10% of monthly salaries to pension plan.
Pension cost of defined contribution retirement plan.
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.
Post-Retirement Benefits Other than Pensions.
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.
Cash account transaction.
additions are debits and reductions are credits.
Direct addition of capital by owner.
Debit Cash.
Credit [owner name], Capital.
Memo: Invested cash in [company name].
Purchase of land.
Debit Land.
Credit Cash.
Memo: Purchased land.
Purchase of supplies on account.
Debit Supplies.
Credit Accounts Payable.
Memo: Purchased supplies on account.
Payment of accounts payable creditor.
Debit Accounts Payable.
Credit Cash.
Memo: Paid creditors on account.
Receipt of service revenue from customer.
Debit Cash.
Credit Fees Earned.
Memo: Received fees from customer.
Expenses paid out of cash.
Debit individual expense accounts.
Credit Cash.
Memo: Paid expenses.
Recording amount of supplies used.
Debit Supplies Expense.
Credit Supplies.
Memo: Supplies used during [Month].
Withdrawals by the owner.
Debit [owner], Drawing.
Credit Cash.
Memo: [owner] withdrew cash for personal use.
Costs of organizing corporation.
Debit Organizational Expenses.
Credit Cash.
Memo: Paid costs of organizing the corporation.
Stock issuance for cash at par.
Debit cash.
Credit appropriate Common Stock, Preferred Stock account.
Memo: Issued common/preferred stock at par for cash.
Stock issuance above par for cash.
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.
Stock issuance above par for other asset.
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].
Purchase of Treasury Stock.
Debit Treasury Stock at cost of shares.
Credit Cash at cost of shares.
Sale of Treasury Shares-sale price>cost.
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.
Sale of Treasury Shares-sale price<cost.
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.
Cash dividend-declaration.
Debit Cash Dividends.
Credit Cash Dividends Payable.
Memo: Declared cash dividend.
Cash dividend-payment.
Debit Cash Dividends Payable.
Credit Cash.
Memo: Paid cash dividend.
Stock dividend-declaration.
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:
Stock dividend-payment.
Debit Stock Dividends Distributable.
Credit Common Stock.
Memo: Issued stock dividend.