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26 Cards in this Set
- Front
- Back
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Recording a delivery truck
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D: Delivery truck
D: licence expense D: prepaid insurance C: cash |
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cost of truck:
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Cash price+ sales tax+ painting and lettering
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Recording: factory machine
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D: Factory Machine
C: cash |
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Cost of machine:
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Cash price+sales tax+ insurance during shipping+ installment and testing
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Depreciation: straight-line
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Depreciable cost/ Depreciable expense(in years or percent)
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Depreciable cost:
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cost-salvage value
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Depreciation: Declining balance
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Book value at beginning X Declining balance rate
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Depreciation: Units of activity
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Depreciable cost per unit X units of activity during year (miles)
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Depriciable cost:
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Cost of unit/ total units of activity
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Record depreciation on a machine
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D: depre expense
C: accum depre- maching |
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to record a gain on an asset
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D: cash (proceeds from sale)
D: accum depre C: office furniture (initial cost) C: Gain on disposal |
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to record loss:
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D:Cash(proceeds from sale)
D: accum depre D: loss on disposal C: office furniture (initial cost) |
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Liability: recieved a note
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D: cash
C: note payable |
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Liability: interest accured
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D: interest expense
C: interest payable |
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Liab: at maturity of note:
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D: note payable
D: interest payable C: cash |
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Liab: sales tax
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D: Cash
C: sales C: sales tax payable |
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Liab: unearned Rev
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D: cash
C: unearned rev |
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Liab: unearned rev completed
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D: unearned rev
C: Revenue |
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PAYROLL: Recording payroll
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D:Salaries and wages expense
C: FICA C:Fed income tax payable C: stated income tax payable C: salaries and wages payable |
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After payroll is paid record:
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Salaries and wages expense
C: cash |
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Employers expense on wages:
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D: payroll tax expense
C: FICA taxes payable C: Federal unemployment tax payable C: state unemployment tax payable |
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Equity events: Selling CS
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D: cash
C: CS |
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To record par value on common stock
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D: cash
C: CS C: PICIEP- CS |
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To record cash dividends
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D: cash dividends
C: Dividends payable |
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Payment date of dividend recorded:
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D:Dividend payable
C:Cash |
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Balance sheet:
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SE
Pref stock CS = + in excess of par and stated = Retained earnings - treasury stock = total SE |
