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Purchased merchandise for cash. Debit Purchases Credit Cash
Purchased merchandise from Accounts Payable-Bob Bennet Debit Purchases Credit Acct. Pay. & Bob Bennet
Paid cash on account to Bob Bennett; no discount Debit Acct. Pay. & Bob Bennett Credit Cash
Paid cash on account to Bob Bennett less purchase discount Debit Acct. Pay. and Bob Bennett Credit Cash Purchase Discount
Returned merchandise on account to Bob Bennett Debit Acct. Pay. and Bob Bennett Credit Purchases Returns & Allowances
Recorded cash and credit card sales plus sales tax. Debit Cash Credit Sales, Sales tax payable
Sold merchandise on account to Ann Adams plus tax Debit Acct. Rec. & Ann Adams Credit Sales Sales Tax Payable
Received cash on account from Accounts Receivable-Gina Gates; no discount Debit Cash Credit Acct. Rec. & Gina Gates
Received cash from Ann Adams less sales discount Debit Cash Sales Discount Credit Acct. Rec. and Ann Adams
Granted credit to Ann Adams for merchandise returned plus tax Debit Sales Ret. & Allow. Sales Tax Payable Credit Acct. Rec. and Ann Adams
Paid cash for supplies. Debit Supplies Credit Cash
Bought supplies on account from Connie Conley Debit Supplies Credit Acct. Pay. & Connie Conley
Paid cash to Sam Smith, owner, personal use. Debit Sam Smith, Drawing Credit Cash
Sam Smith, owner, withdrew merchandise for personal use. Debit Sam Smith, Drawing Credit Purchases
Paid cash for sales tax owed. Debit Sales Tax Payable Credit Cash
Paid cash for the insurance premium. Debit Prepaid Insurance Credit Cash
Received cash from Sam Smith, owner, as an investment. Debit Cash Credit Sam Smith, Capital
Paid cash to establish a petty cash fund. Debit Petty Cash Credit Cash
Paid cash to replenish petty cash: supplies, advertising expense, cash is short. Debit Supplies Advertising Exp. Cash Short and Over Credit Cash
Paid cash for rent. Debit Rent Expense Credit Cash
Record the adjusting entry for Supplies Debit Supplies Expense Credit Supplies
Recorded adjusting entry for Prepaid Insurance Debit Insurance Exp. Credit Prepaid Insurance
Close the sales account. Debit Sales Credit Income Summary
Close the rent expense account. Debit Income Summary Credit Rent Expense
Close income summary (net income balance). Debit Income Summary Credit Owner, Capital
Close income summary (net loss balance). Debit Owner, Capital Credit Income Summary
Close the drawing account. Debit Owner, Capital Credit Owner, Drawing
TRANSACTION #1 Paid cash for supplies DEBITCREDIT Supplies Cash.
Keyterms Journal Entries Closing Entries Normal Balance Accounting Cycle
Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.
Review: What is the left side of the Accounting Equation called? Assets What is the right side of the Accounting Equation called? Equities: Liabilities.
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Sold merchandise to a customer on account, customer is tax exempt.
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An accounting device used to analyze transactions is a called a/an ____________ T ACCOUNT.
What are the account classifications Asset Asset Liability Liability Owner’s Equity Owner’s Equity Revenue Revenue Expense Expense.
Petty Cash Balance Sheet Debit Current Asset. Loss on Plant Asset Income Statement Debit Other Expense.
Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO4 Restate and apply the four questions necessary to analyze transactions for starting.
Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO1Show the relationship between the accounting equation and a T account. LO2 Identify.
Welcome to... A Game of X’s and O’s. Rules Groups of two are asked and can answer as a pair NO NOTESNO NOTES Go around the room in order 3 in a row wins.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 2-3 Analyzing How Transactions Affect Owner’s Equity Accounts.
2 - 1 Debits and Credits – Analyzing and Recording Business Transactions Assets = Liabilities + Owner’s Equity Owner’s Equity = Capital – Withdrawals +
CHAPTER FIFTEEN ADJUSTMENTS AND THE WORK SHEET FOR A MERCHANDISING BUSINESS.
1 McGraw-Hill Ryerson College Accounting First Canadian Edition Price Haddock Brock Hahn Reed.
Chapter 17 Recording Adjusting and Closing Entries for a Partnership.
Chapter 9 Journalizing Purchases Using a Purchases Journal.
LESSON 8-2 Recording Closing Entries. PERMANENT ACCOUNTS Permanent Accounts: accounts used to accumulate information from one fiscal period to the next.
Financial Statements and Closing Procedures Section 2: Completing the Accounting Cycle Chapter 13 Section Objectives 4.Journalize and post the.
Posting to a General Ledger Chapter 6. Relationship of a T Chart T Left side Debit Right Side Credit These columns are equal.
Chapter 14. Retailer – a business that sells to the final user (consumer). Wholesaler – a business that sells to retailers. The Operating Cycle.
Learning Targets © 2014 Cengage Learning. All Rights Reserved. Lesson 2-1 Using T Accounts What: Analyzing Transactions into Debit and Credit Parts.
Reporting and Analysing Inventory. Classifying Inventory In a manufacturing business, inventories are usually classified into 3 categories: Raw materials:
12- 1 Preparing a Worksheet for a Merchandise Company Chapter 12.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-1 Recording Adjusting Entries.
Chapter 14 Work Sheet for a Merchandising Business.
Accounting I Unit I Chapters 1-5. THE ACCOUNTING EQUATION.
C6 - 1 Learning Objectives 1.Nature of Merchandising Business 2.Accounting for Purchases 3.Accounting for Sales 4.Transportation Costs 5.Merchandise Transactions.
Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –
Year 1 in Review. Ch. 1 Accounting Equation –A = L + OE T – Accounts –Assets –Liabilities –O.E.
Chapter 10 & 11 Test Review For each transaction, record the journal it belongs in, and the Dr./Cr. accounts and amounts.
BUS 101 Accounting Jeopardy… "Jeopardy" is a registered trademark of Sony Pictures.
Journalizing Buying Insurance on account, Paying on Account, Receiving Cash on Account, and Transactions that Affect Owner’s Equity Accounting 1 Chapter.
Accounting I Chapter 17 – Recording Adjusting & Closing Entries for a Partnership.
Financial Puzzle FINANCIAL STATEMENTS By PresenterMedia.com PresenterMedia.com.
1. Classify the following as: Asset, Liability, Owner’s Equity, Revenue or Expense and give the Normal Balance Cash Accounts Receivable Accounts Payable.
Adjusting Entries: Matching Accounting & Timing Certain end-of-period adjustments must be made when you close your books. Certain end-of-period adjustments.
13- 1 Completion of the Accounting Cycle for a Merchandise Company Chapter 13.
© 2000 South-Western Educational Publishing CLOSING ENTRY FOR AN INCOME STATEMENT ACCOUNT WITH A CREDIT BALANCE Record the debit. 1. Write the heading.
Accounting Jeopardy Chapter 6 By Carl Lyman © December 2001.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Journals, Source Documents, and Recording Entries in a Journal.
ACCOUNTING REVIEW ACCOUNTING JEOPARDY DOCSEDA Debit/CreditAdjustments Income Statement Balance SheetStatement of Equity
Recording and Adjusting Closing Entries. 2LESSON 8-1 ADJUSTING ENTRY FOR SUPPLIES 1 2 page Write the title of the account credited. Record the.
1LESSON 8-3 ACCOUNTING CYCLE FOR A SERVICE BUSINESS Prepare post-closing trial balance 7.Post adjusting and closing entries 6.Journalize.
Accounting 1.02 VoCats Test Review. In the transaction, BILLED ANDERSON COMPANY FOR WORK COMPLETED, the source document is a/an: A.Check Stub B.Invoice.
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