Transcript Sold office equipment for cash and received book value

Sold office equipment for cash
and received book value
Debit
cash,
Accum. depreciation
Credit
Office Equipment
Sold merchandise on account
to Ann Adams plus tax
Debit
AR/Ann Adams
Credit
Sales
sales tax payable
Purchased merchandise from
Bob Bennet
Debit
Purchases
Credit
AP/Bob Bennet
Bought supplies on account
from Connie Conley
Debit
Supplies
Credit
AP/Connie Conley
Granted credit to Ann Adams for
merchandise returned plus tax
Debit
Sales Ret. & Allow.
Sales Tax Payable
Credit
AR/Ann Adams
Received cash from Ann
Adams less sales discount
Debit
Cash,
Sales Discount,
Sales Tax Payable
Credit
AR/Ann Adams
Discovered a sale made to Dave
Dunlap was incorrectly posted to
Don Dover.
Debit
Dave Dunlap
Credit
Don Dover
Paid cash to Bob Bennett less
purchase discount
Debit
AP/Bob Bennett
Credit
Cash
Purchase Discount
Sold delivery equipment for
more than book value
Debit
Cash
Accum. Dep- DE
Credit
Delivery Equipment
Gain on Plant Asset
Purchased merchandise for
cash.
Debit
Purchases
Credit
Cash
Returned merchandise to Bob
Bennett.
Debit
AP/Bob Bennett
Credit
Purchases
Returns &
Allow.
Wrote off past-due account of
Gina Gates as uncollectible
Debit
Allow. for
Uncollectible Accts.
Credit
AR/Gina Gates
Reopened Gina Gates account
that had been previously written
off
Debit
AR/Gina Gates
Credit
Allow. for
Uncollectible Accts.
Received cash from Gina
Gates for the amount due.
Debit
Cash
Credit
AR/Gina Gates
Sold delivery equipment for
less than book value
Debit
Cash
Accum. Dep- DE
Loss on Plant Asset
Credit
Delivery
Equipment
Recorded cash and credit
card sales.
Debit
Cash
Credit
Sales
Sales Tax Payable
Accepted a note from Patti
Day for an extension of time.
Debit
Notes Receivable
Credit
AR/Patti Day
Paid cash to replenish petty
cash: supplies, advertising
expense. Cash on hand was
more that should be.
Debit
Supplies
Advertising Exp.
Credit
Cash
Cash Short & Over
Received cash for the maturity
value of a note receivable.
Debit
Cash
Credit
Notes Receivable
Interest Income
Joe Brothers dishonored his
notes receivable.
Debit
AR/Joe
Brothers
Credit
Notes Receivable
Interest Income
Signed a note with the
American Bank.
Debit
Cash
Credit
Notes Payable
Signed a note with Lawrence
Supply for an extension of
time.
Debit
AP/Lawrence
Supply
Credit
Notes Payable
Paid cash for the maturity
value of a notes payable.
Debit
Notes Payable
Interest Expense
Credit
Cash
Recorded an international
cash sale.
Debit
Cash
Credit
Sale
Received a time draft from ABC
Company for an international
sale.
Debit
Time Draft Receivable
Credit
Sale
Received cash for the value of
the time draft from ABC Co.
Debit
Cash
Credit
Time Draft Receiv.
The board of directors
declared dividends.
Debit
Dividends
Credit
Dividends Payable
Paid cash for dividends that
were previously declared.
Debit
Dividends Payable
Credit
Cash
Recorded adjusting entry for
uncollectible accounts expense.
Debit
Uncollectible Accts.
Exp.
Credit
Allow. for
Uncollectible Accts.
Recorded adjusting entry for
estimated depreciation.
Debit
Depreciation Exp.
Credit
Accumulated
Depreciation
Recorded adjusting entry for
increase to merchandise
inventory
Debit
Merchandise Inv.
Credit
Income Summary
Recorded adjusting entry for
Prepaid Insurance
Debit
Insurance Exp.
Credit
Prepaid Insurance
Recorded adjusting entry for
supplies.
Debit
Supplies Exp.
Credit
Supplies
Recorded adjusting entry for
accrued interest income.
Debit
Interest
Receivable
Credit
Interest Income
Recorded adjusting entry for
accrued interest expense.
Debit
Interest Expense
Credit
Interest Payable
Close the sales account.
Debit
Sales
Credit
Income Summary
Close the purchases account.
Debit
Income Summary
Credit
Purchases
Close the rent expense
account.
Debit
Income
Summary
Credit
Rent Expense
Close purchases discount
account.
Debit
Purchases Discount
Credit
Income Summary
Close the sales returns and
allowances account.
Debit
Income Summary
Credit
Sales Ret. & Allow.
Close Income Summary for
corporation (net income).
Debit
Income Summary
Credit
Retained Earnings
Close dividends.
Debit
Retained
Earnings
Credit
Dividends
Reversing entry for accrued
interest expense.
Debit
Interest Payable
Credit
Interest Expense
Reversing entry for accrued
interest income.
Debit
Interest Income
Credit
Interest Receivable