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10 Cards in this Set

  • Front
  • Back
Purchasing merchandise for resale?
DR Merchandise Inventory
CR Cash or AP
Paying freight, FOB shipping point
DR Merchandise Inventory
CR Cash
Paying w/i discount period
DR Accounts Payable
CR Merchandise Inventory
CR Cash
(Purchases) Recording purchase returns or allowances
DR Cash or AP
CR Merchandise Inventory
Selling merchandise
DR Cash or AP
CR Sales

DR COGS
CR Merchandise Inventory
Receiving payment w/i discount period
DR Cash
DR Sales Discount
CR Accounts Receivable
(selling) Granting sales returns or allowances
DR Sales returns and allowances
CR Cash or AR

DR Merchandise Inventory
CR COGS
Paying freight, FOB Destination
DR Delivery Expense
CR Cash
Reimburse petty cash w/ dr to coas
DR Misc Exp
DR Cash over and short
CR Cash
Establish petty cash
DR Petty cash
CR Cash