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Published byVirginia Carroll Modified over 9 years ago
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Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal
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Sold delivery equipment for more than book value Debit Cash Accum. Dep- DE Credit Delivery Equipment Gain on Plant Asset Cash Receipts Journal
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Wrote off past-due account of Gina Gates as uncollectible Debit Allow. for Uncollectible Accts. Credit AR/Gina Gates General Journal
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Reopened Gina Gates account that had been previously written off Debit AR/Gina Gates Credit Allow. for Uncollectible Accts. General Journal
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Received cash from Gina Gates for the amount due. Debit Cash Credit AR/Gina Gates Cash Receipts Journal
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Sold delivery equipment for less than book value Debit Cash Accum. Dep- DE Loss on Plant Asset Credit Delivery Equipment Cash Receipts Journal
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Accepted a note from Patti Day for an extension of time. Debit Notes Receivable Credit AR/Patti Day General Journal
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Received cash for the maturity value of a note receivable. Debit Cash Credit Notes Receivable Interest Income Cash Receipts Journal
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Joe Brothers dishonored his notes receivable. Debit AR/Joe Brothers Credit Notes Receivable Interest Income General Journal
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Signed a note with the American Bank. Debit Cash Credit Notes Payable Cash Receipts Journal
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Signed a note with Lawrence Supply for an extension of time. Debit AP/Lawrence Supply Credit Notes Payable General Journal
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Paid cash for the maturity value of a notes payable. Debit Notes Payable Interest Expense Credit Cash Cash Payments Journal
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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
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Recorded employer payroll tax expense. Debit Payroll Tax Exp. Credit Medicare Tax Pay SS Tax Pay Fed. Unemploy. Tax Pay State Unemploy. Tax Pay General Journal
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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
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Paid cash for federal unemployment tax liability. Debit Fed. Unempl. Tax Pay. Credit Cash Cash Payments Journal
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Paid cash for state unemployment tax liability. Debit State Unemploy. Tax Pay Credit Cash Cash Payments Journal
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The board of directors declared dividends. Debit Dividends Credit Dividends Payable General Journal
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Paid cash for dividends that were previously declared. Debit Dividends Payable Credit Cash Cash Payments Journal
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Dissolving a partnership: received cash from sale of delivery equipment in which there was a gain. Debit Cash Accum. Deprec.—DE Credit Delivery Equipment Loss & Gain on Realization Cash Receipts Journal
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Dissolving a partnership: received cash from sale of supplies in which there was a loss. Debit Cash Loss & Gain on Realization Credit Supplies Cash Receipts Journal
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Dissolving a partnership: Paid cash to all creditors for amounts owed. Debit Accounts Payable Credit Cash Cash Payments Journal
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Dissolving a partnership: Recorded distribution of Gain on Realization Debit Loss & Gain on Realization Credit Partner Capital Accounts General Journal
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Dissolving a partnership: Recorded final distribution of remaining cash to partners. Debit Partner Capital Accounts Credit Cash Cash Payments Journal
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Recorded international cash sale. Debit Cash Credit Sales Cash Receipts Journal
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Recorded a time draft receivable for an international sale. Debit Time Draft Receivable Credit Sales General Journal
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Received cash for the value of the time draft receivable. Debit Cash Credit Time Draft Receivable Cash Receipts Journal
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Recorded Internet credit card sales. Debit Cash Credit Sales Cash Receipts Journal
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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.
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Recorded adjusting entry for estimated depreciation. Debit Depreciation Exp. Credit Accumulated Depreciation
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Recorded adjusting entry for increase to merchandise inventory Debit Merchandise Inv. Credit Income Summary
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Recorded adjusting entry for Prepaid Insurance Debit Insurance Exp. Credit Prepaid Insurance
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Recorded adjusting entry for supplies. Debit Supplies Exp. Credit Supplies
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Recorded adjusting entry for accrued interest income. Debit Interest Receivable Credit Interest Income
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Recorded adjusting entry for accrued interest expense. Debit Interest Expense Credit Interest Payable
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Recorded adjusting entry for Federal Income Tax Expense Debit Federal Income Tax Expense Credit Federal Income Tax Payable
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Close the sales account. Debit Sales Credit Income Summary
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Close the purchases account. Debit Income Summary Credit Purchases
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Close the rent expense account. Debit Income Summary Credit Rent Expense
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Close purchases discount account. Debit Purchases Discount Credit Income Summary
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Close the sales returns and allowances account. Debit Income Summary Credit Sales Ret. & Allow.
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Close Income Summary for corporation (net income). Debit Income Summary Credit Retained Earnings
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Close dividends. Debit Retained Earnings Credit Dividends
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Reversing entry for accrued interest expense. Debit Interest Payable Credit Interest Expense
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Reversing entry for accrued interest income. Debit Interest Income Credit Interest Receivable
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