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31 Cards in this Set
- Front
- Back
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How do you close expenses Journal entry
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Income summary (debit) the total expenses
expenses (credit) |
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How do you close revenues Journal entry
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Service revenue (debit)
income summary (credit) |
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How to close income summary Journal entry
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Income summary (debit)
retained earnings (credit) |
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How to close dividends Journal entry
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Retained earnings (debit)
Dividends (credit) |
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purchase inventory with cash journal entry
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merchandise inventory (debit) cash (credit)
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purchase inventory on account journal entry
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merchandise inventory (debit) accounts payable (credit)
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return inventory to seller (vendor) journal entry
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accounts payable (debit) merchandise inventory (credit)
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Paid freight in bill journal entry
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merchandise inventory (debit) cash (credit)
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cash sale journal entry
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cash (debit) sales revenue (credit)
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record cost of goods sold journal entry
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cost of goods sold (debit) merchandise inventory (credit)
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sale on account journal entry
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accounts receivable (debit) sales revenue (credit)
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received returned goods journal entry
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Sales Returns and Allowances (debit) accounts receivable (credit)
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placed goods back in inventory journal entry
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merchandise inventory (debit) cost of goods sold (credit)
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Granted a sales allowance for damaged goods journal entry
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Sales Returns and Allowances (debit) accounts receivable (credit)
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cash collection within the discount period net of the return and allowance journal entry
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cash and sales discount (debit) accounts receivable (credit)
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Paid freight out bill
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Delivery expense (debit) cash (credit)
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setting up a petty cash |
petty cash (debit) Cash (credit) |
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Purchase inventory on account
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merchandise inventory (debit) accounts payable (credit)
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Paid Freight in Charge
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Merchandise inventory (debit) Cash (credit)
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Returned inventory
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accounts payable (debit) merchandise inventory (credit)
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Paid less return
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accounts payable (debit) Cash (credit)
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Received allowance from damaged but useable goods
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accounts payable (debit) merchandise inventory (credit)
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Paid less allowance and discount
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Accounts payable (debit) cash and merchandise inventory credit
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Sold merchandise inventory on account
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accounts receivable (debit) sales revenue (credit)
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Journalize expenses cost of goods
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cost of goods sold (debit) Merchandise Inventory (credit)
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Paid amount owed on credit less the return and the discount
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Accounts payable (debit) cash (credit) merchandise inventory (credit)
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Granted a sales allowance
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Sales Allowance and Returns (debit) accounts receivable (credit)
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Received cash from customer in full settlement of their debt, less the allowance and the discount
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cash (debit) sales discount (debit) accounts receivable (credit)
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sale on account
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accounts receivable (debit) sales revenue (credit)
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Cost of items sold
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Cost of goods sold (debit) merchandise inventory (credit)
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Write merchandise inventory down to market value
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cost of goods sold (debit) merchandise inventory (credit)
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