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Accounting Final

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




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