-
Uncollectibles?
- debit: uncollectible accounts expense
- credit: allowance for uncollectibles
-
Merchandise Inventory? (ending is less than beginning)
- debit: income summary
- credit: merchandise inventory
-
Merchandise Inventory? (beginning is less than ending)
- debit: merchandise inventory
- credit: income summary
-
Supplies?
- debit: supplies expense
- credit: supplies
-
Prepaid Insurance?
- debit: insurance expense
- credit: prepaid insurance
-
Federal Income Tax?
- debit: federal income tax expense
- credit: federal income tax payable
-
Depreciation?
- debit: depreciation expense
- credit: accumulated depreciation
-
Closing Entries? #1
- debit: sales, purchases discount, purchases return and allowance
- credit: income summary
-
Closing Entries? #2
- debit: income summary
- credit: sales discount, sales return and allowances, purchases, all expenses, cash short and over, depreciation expense, ferderal income tax expense
-
Close Income Summary? (net income)
- debit: income summary
- credit: retained earnings
-
Close Income Summary? (net loss)
- debit: retained earnings
- credit: income summary
-
Closing Entry for Dividends?
- debit: retained earnings
- credit: dividends
-
Dishonored Checks?
- debit: accounts receivable/ name
- credit: cash
-
Bank Service Charge?
- debit: miscellaneous expense
- credit: cash
-
Establish a Petty Cash Fund?
- debit: petty cash
- credit: cash
-
Replenish Petty Cash Fund?
- debit: payables
- credit: cash
-
Replenish Cash with Overage?
- debit: payables
- credit: cash short or over
- credit: cash
-
Replenish Cash with Shortage?
- debit: payables
- debit: cash short or over
- credit: cash
-
Direct Write-Off Method?
- debit: uncollectibles account expense
- credit: accounts receivable/ customers account
-
Collection of Uncollectible Accounts Receivable?
- debit: accounts receivable/ customers account
- credit: allowance for uncollectible accounts
-
Received Cash from Previously written off account?
- debit: cash
- credit: accounts receivable
-
Issuance of Notes Payable?
- debit: cash
- credit: notes payable
-
Payment of Principal and Interest on Notes Payable?
- debit: notes payable
- debit: interest expense
- credit: cash
-
Extension of Time for Notes Payable?
- debit: accounts payable
- credit: notes payable
-
Paying Notes Payable for Extension of Time?
- debit: notes payable
- debit: interest expense
- credit: cash
-
Collection of Principal and Interest on Notes Receivable?
- debit: cash
- credit: notes receivable
- credit: interest income
-
Accepting Notes Receivable?
- debit: notes receivable?
- credit: accounts receivable
-
Dishonored Notes Receivable?
- debit: accounts receivable
- credit: notes receivable
- credit: interest income
-
Annual Depreciation Expense?
- debit: depreciation expense
- credit: accumulated depreciation
-
Payment of Taxes?
- debit: social security tax, medicare tax, federal income tax
- credit: cash
-
Federal Unemployment Tax?
- debit: federal income tax payable
- credit: cash
-
State Unemployment Tax?
- debit: state unemployment tax payable
- credit: cash
-
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