sold office equipment for cash and received book value debit cash, accum. depreciation credit office...
TRANSCRIPT
Sold office equipment for cash and received book value
Debit
cash,
Accum. depreciation
Credit
Office Equipment
Cash Receipts Journal
Sold delivery equipment for more than book value
Debit
Cash
Accum. Dep- DE
Credit
Delivery Equipment
Gain on Plant Asset
Cash Receipts Journal
Wrote off past-due account of Gina Gates as uncollectible
Debit
Allow. for Uncollectible Accts.
Credit
AR/Gina Gates
General Journal
Reopened Gina Gates account that had been previously written
off
Debit
AR/Gina Gates
Credit
Allow. for Uncollectible Accts.
General Journal
Received cash from Gina Gates for the amount due.
Debit
CashCredit
AR/Gina Gates
Cash Receipts Journal
Sold delivery equipment for less than book value
Debit
Cash
Accum. Dep- DE
Loss on Plant Asset
Credit
Delivery
Equipment
Cash Receipts Journal
Accepted a note from Patti Day for an extension of time.
Debit
Notes ReceivableCredit
AR/Patti Day
General Journal
Received cash for the maturity value of a note receivable.
Debit
CashCredit
Notes Receivable
Interest Income
Cash Receipts Journal
Joe Brothers dishonored his notes receivable.
Debit
AR/Joe Brothers
Credit
Notes Receivable
Interest Income
General Journal
Signed a note with the American Bank.
Debit
CashCredit
Notes Payable
Cash Receipts Journal
Signed a note with Lawrence Supply for an extension of
time.
Debit
AP/Lawrence Supply
Credit
Notes Payable
General Journal
Paid cash for the maturity value of a notes payable.
Debit
Notes Payable
Interest Expense
Credit
Cash
Cash Payments Journal
Paid cash for semimonthly payroll less income tax, Medicare
and social security.
Debit
Salary Exp.
Credit
Emp. Inc. Tax Pay.
Medicare Tax Pay.
SS Tax Pay.
Cash
Cash Payments Journal
Recorded employer payroll tax expense.
Debit
Payroll Tax Exp.
CreditMedicare Tax Pay
SS Tax Pay
Fed. Unemploy. Tax Pay
State Unemploy. Tax Pay
General Journal
Paid cash for liability for employee income tax, Medicare,
social security.
Debit
Emp. Inc. Tax Pay
Medicare Tax Pay
SS Tax Pay
Credit
Cash
Cash Payments Journal
Paid cash for federal unemployment tax liability.
DebitFed. Unempl. Tax Pay.
Credit
Cash
Cash Payments Journal
Paid cash for state unemployment tax liability.
DebitState Unemploy. Tax Pay
Credit
Cash
Cash Payments Journal
The board of directors declared dividends.
Debit
Dividends
Credit
Dividends Payable
General Journal
Paid cash for dividends that were previously declared.
Debit
Dividends Payable
Credit
Cash
Cash Payments Journal
Dissolving a partnership:received cash from sale of delivery
equipment in which there was a gain.
Debit
Cash
Accum. Deprec.—DE
Credit
Delivery EquipmentLoss & Gain on Realization
Cash Receipts Journal
Dissolving a partnership:received cash from sale of supplies
in which there was a loss.
Debit
CashLoss & Gain on Realization
Credit
Supplies
Cash Receipts Journal
Dissolving a partnership:Paid cash to all creditors for
amounts owed.
Debit
Accounts Payable
Credit
Cash
Cash Payments Journal
Dissolving a partnership:Recorded distribution of
Gain on Realization
Debit
Loss & Gain on Realization
Credit
Partner Capital Accounts
General Journal
Dissolving a partnership:Recorded final distribution of remaining cash to partners.
Debit
Partner Capital Accounts
Credit
Cash
Cash Payments Journal
Recorded international cash sale.
Debit
Cash
Credit
Sales
Cash Receipts Journal
Recorded a time draft receivable for an international sale.
Debit
Time Draft Receivable
Credit
Sales
General Journal
Received cash for the value of the time draft receivable.
Debit
Cash
Credit
Time Draft Receivable
Cash Receipts Journal
Recorded Internet credit card sales.
Debit
Cash
Credit
Sales
Cash Receipts Journal
Recorded adjusting entry for uncollectible accounts expense.
Debit
Uncollectible Accts. Exp.
Credit
Allow. for Uncollectible Accts.
Note: all adjusting, closing and reversing entries are in the general journal.
Recorded adjusting entry for estimated depreciation.
Debit
Depreciation Exp.
Credit
Accumulated Depreciation
Recorded adjusting entry for increase to merchandise
inventory
Debit
Merchandise Inv.
Credit
Income Summary
Recorded adjusting entry for Prepaid Insurance
Debit
Insurance Exp.
Credit
Prepaid Insurance
Recorded adjusting entry for supplies.
Debit
Supplies Exp.
Credit
Supplies
Recorded adjusting entry for accrued interest income.
Debit
Interest Receivable
Credit
Interest Income
Recorded adjusting entry for accrued interest expense.
Debit
Interest Expense
Credit
Interest Payable
Recorded adjusting entry for Federal Income Tax Expense
Debit
Federal Income Tax Expense
Credit
Federal Income Tax Payable
Close the sales account.
Debit
Sales
Credit
Income Summary
Close the purchases account.
Debit
Income Summary
Credit
Purchases
Close the rent expense account.
Debit
Income Summary
Credit
Rent Expense
Close purchases discount account.
Debit
Purchases Discount
Credit
Income Summary
Close the sales returns and allowances account.
Debit
Income Summary
Credit
Sales Ret. & Allow.
Close Income Summary for corporation (net income).
Debit
Income Summary
Credit
Retained Earnings
Close dividends.
Debit
Retained
Earnings
Credit
Dividends
Reversing entry for accrued interest expense.
Debit
Interest Payable
Credit
Interest Expense
Reversing entry for accrued interest income.
Debit
Interest Income
Credit
Interest Receivable