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Petty Cash Balance Sheet Debit Current Asset
Loss on Plant Asset Income Statement Debit Other Expense
Accounts Receivable Balance Sheet Debit Current Asset
Store Equipment Balance Sheet Debit Plant Asset
Accounts Payable Balance Sheet Credit Liability
Accumulated Depreciation— Office Equipment Balance Sheet Credit Plant Asset
Gain on Plant Assets Income Statement Credit Other Revenue
Sales Income Statement Credit Operating Revenue
Purchases Returns & Allowances Income Statement Credit Cost of Merchandise
Uncollectible Accounts Expense Income Statement Debit Operating Expense
Office Equipment Balance Sheet Debit Plant Asset
Merchandise Inventory Balance Sheet Debit Current Asset
Federal Income Tax Expense Income Statement Debit Income Tax Expense
Sales Discount Income Statement Debit Operating Revenue
Purchases Income Statement Debit Cost of Merchandise
Capital Stock Balance Sheet Credit Stockholders’ Equity
Cash Short & Over (cash is short) Income Statement Debit Other Expense
Allowance for Uncollectible Accounts Balance Sheet Credit Current Asset
Retained Earnings Balance Sheet Credit Stockholders’ Equity
Purchases Discount Income Statement Credit Cost of Merchandise
Sales Returns and Allowances Income Statement Debit Operating Revenue
Dividends Income Statement Debit Stockholders’ Equity
Accumulated Depreciation--Store Equipment Balance Sheet Credit Plant Asset
Prepaid Insurance Balance Sheet Debit Current Asset
Sales Tax Payable Balance Sheet Credit Liability
Notes Receivable Balance Sheet Debit Current Asset
Notes Payable Balance Sheet Credit Liability
Interest Income Income Statement Credit Other Revenue
Interest Expense Income Statement Debit Other Expense
Depreciation Expense Income Statement Debit Operating Expense
Salary Expense Income Statement Debit Operating Expense
Employee Income Tax Payable Balance Sheet Credit Liability
Unemployment Tax Payable--Federal Balance Sheet Credit Liability
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McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 8 Purchasing/ Human Resources/ Payment Process: Recording.
1. Identify each of the following items as either a positive cash flow, negative cash flow, or no effect, and identify the dollar amount. – Increase in.
Ratio Analysis Ratio Analysis: A Ratio: is defined as an arithmetical/quantitative/numerical relationship between two numbers. Ratio analysis is a very.
Visit UMT online at South-Western 2004 Survey of Accounting, 2/e 1 of 64 Chapter 4, ACCT125 ACCOUNTING FUNDAMENTALS FOR MANAGERS University.
Open a sundry creditor account (separate to trade creditor) Disposal of Non current Asset.
Dr Robert A. Phillips Manchester Science Enterprise Centre Financial Planning: Making Sense of the Numbers.
Current Liabilities Obligations likely to be paid off using: Current assets or By creating another current liability Generally considered short-term; within.
Investing and Financing Decisions and the Balance Sheet Chapter 2 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.
Financial Statements according to GAAP Income Statement (Statement of Operations) –Shows profitability for a period of time –A summary statement of revenues,
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