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31 Cards in this Set

  • Front
  • Back
Declaring Notes Payable Entry
Debit Cash
Credit Notes Payable
Interest Accrual Entry
Debit Interest Expense
Credit Interest Payable
Note Payable Maturity Entry
Debit Notes Payable
Debit Interest Payable
Credit Cash
Sales Tax Payable Entry
Debit Cash
Credit Sales
Credit Sales Tax Payable
Payroll Payable Entry
Debit Salaries Expense
Credit FICA Taxes Payable
Credit ETC Taxes Payable
Credit Salaries/Wages Payable
Payroll Payment Entry
Debit Salaries and Wages Payable
Credit Cash
Payroll Taxes Payable Entry
Debit Payroll Tax Expense
Credit FICA Taxes Payable
Credit Unemployment Taxes Payable
Unearned Revenue Entry
Debit Cash
Credit Unearned Revenue
Earned Unearned Revenue Entry
Debit Unearned Revenue
Credit Revenue
Types of Bonds
Secured- asset pledged as collateral
unsecured- issued against general credit of borrower
Convertible- can be converted to common stock
Callable- can be retired prior to maturity
Issued Bond Entry
Debit Cash
Credit Bonds Payable
Interest Expense Accrual Entry
Debit Bond Interest Expense
Credit Bond Interest Payable
Paying Bond Interest Entry
Debit Bond Interest Payable
Credit Cash
Bonds sell at a premium when...
The contractual rate is less than the market interest rate
Bonds sell at a discount when
the contractual rate is greater than the market interest rate
Issuing a bond at a discount entry
Debit Cash
Debit Discount on bonds payable (difference)
Credit Bonds Payable (Face Value)
Issuing a bond at a premium entry
Debit Cash
Credit premium on bonds payable (difference)
Credit Bonds Payable (face value)
Redeeming a bond at maturity entry
Debit Bond Payable
Credit Cash
Debt to total asset ratio (Formula)
Total Liabilities/Total Assets
Characteristics of a corporation
Separate Legal existence
Limited liability of stockholders
transferrable ownership
ability to acquire capital
continuous life
corporation management
government regulations
double taxed
Issuance of stock entry
Debit Cash
Credit Common Stock (Shares*Par)
Credit PIC in excess of par (difference*shares)
Purchase of treasury stock entry
Debit Treasury Stock
Credit Cash
Issuance of preferred stock entry
Debit Cash
Credit Preferred Stock (Shares*par)
Credit PIC in excess- preferred (difference*shares)
Advantage of Preferred Stock
Right to corporate income before common shareholders
cumulative dividend
liquidation preference
Cash Dividend Declaration Date Entry
Debit Dividends
Credit Dividends Payable
Cash Dividend Payment Date Entry
Debit Dividends Payable
Credit Cash

common stock= declared*shares
preferred stock= %*par*shares
Stock Dividend Declaration Date Entry
Debit Retained Earnings
Credit Common Stock Dividend Distributable (par*new shares)
Credit PIC-Common (difference*new shares)
Stock Dividend Distribution Date Entry
Debit Common Stock Dividend Distributable
Credit Common Stock
Stock Splits
No journal entry
Stock account still has the same dollar amount
Inc. shares, Dec par value
Payout Ratio (Formula)
Cash dividends on common/net income
Return on common stockholders equity ratio (formula)
net income - preferred stock dividends/ avg. common stockholders equity