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Published byRosanna Freeman Modified over 10 years ago
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Sold merchandise to a customer on account, customer is tax exempt
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DR AR CR CR SALES
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Received a check from a customer paying on their account less a discount
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DR CASH DR SALES DISCOUNTS CR AR
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Received cash from the sale of an asset
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DR CASH CR ASSET
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A customer bought merchandise on account; customer was taxable
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DR AR CR SALES CR SALES TAXABLE
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Record cash sales of merchandise for the day including sales tax
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DR CASH CR SALES TAX PAYABLE CR SALES
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Received a check from a customer paying on their account
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DR CASH CR AR
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Sold merchandise to a customer on account, customer is tax exempt
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DR AR CR SALES
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Record bankcard sales of merchandise for the day from a tape including sales tax
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DR CASH CR SALES TAX PAYABLE CR SALES
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Issued a credit memorandum to a customer for merchandise returned; original sales included sales tax
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DR SALES RETURNS & ALLOWANCES DR SALES TAX PAYABLE CR AR
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Issued a check to purchase merchandise at the time of the purchase
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DR PURCHASES CR CASH
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Issued a check to purchase office supplies at the time of purchase
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DR OFFICE SUPPLIES CR CASH
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Record the payment of transportation in charges
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DR TRANSPORTATION CHARGES CR CASH
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Purchased office equipment on account
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DR Office Equipment CR AP
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Issued a check to pay on account
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DR AP CR CASH
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Record the payment of an advertising expense
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DR ADVERTISING EXPENSE CR CASH
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Record bankcard fees
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DR BANKARD FEES CR CASH
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Purchased merchandise on account
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DR PURCHASES CR AP
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Record a repair expense that was performed for your business on account at the time of the repair
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DR REPAIR EXPENSES CR AP
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Record a payment on account
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DR AP CR CASH
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Issued a debit memorandum to a creditor for merchandise returned
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DR AP CR PURCHASES Returns & Allowances
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Record the payment on account less a discount
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DR – AP CR – CASH CR – PURCHASE DISCOUNTS
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Record the purchase of prepaid insurance with a check
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DR PREPAID INSURANCE CR CASH
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CALCULATE NET SALES
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SALES -SALES DISCOUNTS -SALES RETURNS & ALLOWANCES =NET SALES
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CALCULATE NET PURCHASES
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PURCHASES +TRANSPORTATION IN -PURCHASES DISCOUNTS - PURCHASES RETURNS & ALLOWANCES =NET PURCHASES
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