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27 Cards in this Set
- Front
- Back
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CIP in loss |
Credit CIP for previous CIP when incurring revenue and the expected loss |
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Installment closing entry |
Sales COGS Deferred Gross Margin |
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Dividends only go in the |
Investing section |
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Dividends represent |
paid only |
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Close out CIP |
Process Billings CIP |
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Depreciation belongs here and here only |
operating section |
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Exp |
Cost of Construction Contracts |
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CIP |
Construction in Progress |
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CIP should add up to |
Contract Value |
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Entry after years of cost and rev recognition |
Process Billings on Construction Contracts CIP |
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Billings |
Process Billings on Construction Contracts |
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Consignment |
No sale recorded Can reclassify Inv: INV on consignment INV |
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Layaway Deposit |
Cash Deposit Received from Customers |
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Layaway final payment |
Cash Deposit received from customer Sales |
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Layaway Inventory |
COGS INV |
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Bill and Hold |
Gotta be ready to ship Not used to fill other orders Requested |
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Customer Acceptance Provisions: Advance |
Full advance Cash Advance Payments from Customers |
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Customer Acceptance Provisions: when installed |
Advance Payments from customers Sales
COGS Inv |
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Sign up fee: Initial |
Cash Unearned Initial Sign-up Fees |
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Sign up fee: Monthly Payment |
Cash Monthly Revenue |
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Sign up fee: Partial Recognition |
Like Priceline company buys and sells the same good All credit risk is on whoever Priceline bought from |
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Gross or Net |
Like Priceline company buys and sells the same good All credit risk is on whoever Priceline bought from |
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Consignment |
deliver batch to self |
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Loss on sale of equip |
positive in Operating section |
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Gain on sale of equip |
negative in Operating section |
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Total cash from selling PPE goes |
Investing |
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Sold PPE Adjustment |
This will be included in the Acc Depreciation already need to add what ever was depreciated off the equipment back to find the Depreciation expense |
