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22 Cards in this Set
- Front
- Back
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Bank recon (BANK SIDE)
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ADD: Deposit in transit
Deduct: Outstanding checks |
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Bank recon (BOOK SIDE)
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ADD: Bank collections
Interest Revenue DEDUCT: (NFS) Nonsufficient funds checks Service Charges |
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Record investment at cost?
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Dr: Short-term Investment xxx
Cr: Cash xxx |
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Record Dividend
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DR: Cash xxx
CR: Dividend xxx |
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Record GAIN on investment?
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DR: Short-term investment xxx
CR: Unrealized Gain on xxx |
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Record LOSS on investment?
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DR: Unrealized Loss on invest. xxx
CR: Short-term Investment xxx |
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Record when sold?
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DR: Cash xxx
DR: Loss on sale of ivest. xxx OR DR: Gain on sale of ivest. xxx CR: Short-term invest xxx |
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To record sales?
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DR: Cash xxx
CR: Sales Revenue xxx OR DR: Accounts Receivable xxx CR: Sales Revenue xxx |
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To record Returns or allowances?
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DR: Sales Returns or Allowances xxx
CR: Accounts Receivable xxx |
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To record ESTIMATE of Uncollectible using Allowance method?
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DR: Bad Debts or Uncollectible acc exp. xxx
CR: Allowance for uncollectible acc xxx OR CR: Allowance for Bad debts xxx |
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To record ACTUAL uncollectible?
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DR: Allowance for uncollectible xxx
CR: Accounts Receivable xxx |
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To record REVERSE write-offs (bad debts)
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DR: Accounts receivable zzz
CR: Allowance for bad debts zzz Record collection: DR: Cash xxx CR: Accounts Receivable xxx |
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Percent of Sales (to estimate bad debts)
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% = Bad debts exp / Credit sales
OR SALES x % = Bad debt expense |
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Aging of Accounts Receivable (to estimate bad debts)
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(OLD AR x %) + (SEMI OLD AR x %) + (YOUNG AR x %) = Ending Allowance
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When a business records sales from Credit card?
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DR: Accounts Rec. Credit Comp xxx
DR: Credit Card Discount Exp yyy CR: Sales Revenue zzz When cash is received from CC: DR: Cash xxx CR: Accounts Rec. Credit comp xxx |
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Record sale on note receivable?
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DR: Note receivable xxx
CR: Sales Revenue xxx Sell on account: DR: Note receivable yyy CR: Accounts Receivable yyy |
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Record Loan out money?
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DR: Note Receivable xxx
CR: Cash xxx |
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To record when note receiv is collected?
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DR: Cash zzz
CR: Note Receivable xxx CR: Interest Revenue yyy |
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To record interest from note receivable
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DR: Interest Receivable xxx
CR: Interest Revenue xxx |
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To record when note is collected during next acct. period
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DR: Cash zzz
CR: Note Receivable xxx CR: Interest Revenue yyy (from next acct. period) CR: Interest Receivable ccc |
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how to calculate ACID TEST or QUICK Ratio
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(CASH + SHORT TERM INVEST. + NET ACCNT RECEIV.) / Current Liabilities
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how to calculate Accounts Receivable turnover?
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NET CREDIT SALES / ((BEG. NET A/R + ENDING NET A/R) / 2 )
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