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12 Cards in this Set
- Front
- Back
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Entry for Purchase Returns and Allowances |
Accounts Payable debited Merchandise Inventory credited |
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Entry for Purchase Discount during Discount Period |
Accounts Payable debited Cash credited Merchandise Inventory credited for discount |
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Entry for Cash Sales |
Cash debited Sales credited |
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Entry for Cost of Goods Sold for Cash |
Cost of Goods Sold debited Merchandise Inventory credited |
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Entry for Credit Sales |
Accounts Receivable debited Sales credited |
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Seller's entry for Sales Returns |
Sales Return and Allowances debited Accounts Receivable credited |
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Gross Profit Rate |
Gross Profit / Net Sales |
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Equation for Net Income |
Total Revenues - Total Expenses |
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Entry for Bad Debt Expense |
Bad debt expense debited Allowance for doubtful accts. credited |
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Entry for NSF check |
Accounts Rec. Deb. Cash Cred. |
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Entry for Bank Service Charge |
Mis. Expense Deb. Cash Cred. |
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Entry for Book Error |
Cash Deb. Accounts Payable Cred. |
