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Accounting Final
| Term | Definition |
|---|---|
| Received ____ cash and issued common stock | Debit- Cash Credit- Common Stock |
| Paid ___ rent, ___ | Debit- Rent Expense Credit- Cash |
| Purchased ___ on account for ____ | Debit- Equipment Credit- Accounts Payable |
| Performed services for a client and billed the client ____ the client promised to pay in ___ days | Debit- Accounts Receivable Credit- Sales |
| Paid for the ___ purchased on (Previous Date) on account | Debit- Accounts Payable Credit- Cash |
| Received payment from a client on account, ____ | Debit- Cash Credit- Accounts Receivable |
| Borrowed ____, by signing a promissory note, from ____ for use in the business | Debit- Notes Payable Credit- Cash |
| A company uses straight-line depreciation for its equipment. The cost of equipment is ___ and the useful life is ___ years. The equipment was purchased on ____ and has no residual value | Debit- Depreciation Expense Credit- Accumulated Depreciation |
| Straight-line depreciation equation | cost- cost/useful life |
| Accrued interest of ____ on a note receivable | Debit- Interest receivable Credit- Interest Revenue |
| On (date) the ____ company paid ____ for __ months of rent in advance | Debit- Rent Expense Credit- Prepaid rent |
| Rent Equation | Rent/Month= ____^2 |
| On (date) the company collected ____ in advance for a consulting contract, which is to be earned evenly over the next ____ months | Debit- Unservice revenue Credit- Service revenue |
| Revenue Equation | collected money/ months * useful life |
| Year end-adjusting journal entry | Debit- Uncollectible accounts Credit- Allowance for uncollectible accounts |
| Year end equation | Net credit*percent of NCS |
| Allowance for uncollectible accounts formula | Debit balance + Year end credit |
| Net realizable value formula | Accounts receivable balance +AfUA |
| COGS FIFO | Start from TOP units *cost Until units add to the units you need |
| COGS LIFO | Start from BOTTOM units*cost Until units add to the units you need |
| EI FIFO | Left over from TOP |
| EI LIFO | Left over from BOTTOM |
| Depreciation Expense- Double Declining | 1/useful life *2 |
| Book value | Cost- (Depreciation expense * Cost) |
| Issued ___ shares of ___ par value common stock at ___ per share | Debit- Cash Credit- Common Stock |
| Shares equation | Shares *$ per share |
| Reacquired ____ shares of common stock issued on (date) for $ per share | Debit- Treasury Stock Credit- Cash |
| paid ___ dividends | Debit- Dividends payable Credit- Cash |
Created by:
kbratz
Popular Accounting sets