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25 Cards in this Set
- Front
- Back
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Owner contributes $100 to the business |
Cash - Owner's equity |
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Buy a $7,000 machine with cash |
Machines - Cash |
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Buy a $2,000 car on time with a $100 cash down payment |
Car. 2,000 -Cash. 100 -Loans payable. 1900 |
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Borrow $1,000 |
Cash - Loans payable |
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Earn $4,000 of cash income from sales |
Cash - Sales |
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Pay loan payment of $535 of which $35 is interest |
Loans payable Interest expense - Cash |
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Owner buys $150 of personal groceries |
Withdrawal - Cash |
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Adjust inventory to make it $500 bigger |
Balloon inventory - Balloon expense |
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Adjust inventory to make it $500 smaller |
Balloon expense - Balloon inventory |
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Record $1,500 of car depreciation |
Depreciation expense - Accumulated depreciation-- car |
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Correct $50 wrongly debited to car expense instead of travel expense |
Travel expense - Car expense |
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Close out $10,000 of income and $6,000 of expense accounts |
Income accounts -Expense accounts -Income summary |
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Bank reconciliation |
Cash (adjust up our down) Bank fee (debit) -interest income |
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Set up $100 petty cash fund |
Petty cash -cash |
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Reimburse pretty cash |
Various expense accounts (per receipts) -cash |
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Buy $1000 of short-term investments |
Short-term investment - cash |
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Receive a $100 dividend on stock |
Cash - dividend revenue |
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Reflect that short term investments have gone up $300 |
Short-term investments - unrealized gain in ST investments |
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Sell for $900 stock that was bought for $1000 |
Cash Realized loss on sale of stock - short-term investment |
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Accept a $1000 note on payment for goods |
Notes receivable -sales revenue |
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Discount a $1,000 note at a bank for $1,070 |
Cash. $1070 -notes receivable $1000 -interest revenue $70 |
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Accrue $400 of interest on a loan (someone has a note with your company) |
Interest receivable - interest revenue |
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Receive $1,100 payment on a $1000 note. $60 on interest receivable was already accrued |
Cash. $1100 -notes receivable. $1000 -interest receivable. $60 - interest revenue. $40 |
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Record customer default on $1000 note held to maturity. $100 of interest had been accrued |
Accounts receivable. $1100 - interest receivable. $100 -Note receivable. $1000 |
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Employer loans $100 to an employee |
Loan receivable. $100 - Cash. $100 |
