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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.
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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.
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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.
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Adjusting Entries: Matching Accounting & Timing Certain end-of-period adjustments must be made when you close your books. Certain end-of-period adjustments.
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