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Flashcards in Journal Entries Deck (17):
1

Increase size of imprest (petty cash) fund, including initially establishing fund

DR Petty Cash
CR Cash

Note: Petty Cash funds are normally included with unrestricted cash. They may include bond sinking funds Petty cash etc.

2

Replenish Imprest (Petty cash) cash fund

DR Expenses
DR Misc. Other Accounts
CR Cash

Note: Petty Cash funds are normally included with unrestricted cash. They may include bond sinking funds Petty cash etc.

3

Decrease size of imprest (Petty cash) Fund

DR Cash
CR Petty Cash

Note: Petty Cash funds are normally included with unrestricted cash. They may include bond sinking funds Petty cash etc.

4

End of period adjustments necessary if the Petty Cash fund is not replenished

DR Expenses
CR Petty Cash

Note: Petty Cash funds are normally included with unrestricted cash. They may include bond sinking funds Petty cash etc.

5

Sale Discount: Net Method entry at time of sale (amount formula)

DR Accounts Rec. Sale-Discount
CR Sales Sale-Discount

6

Sale Discounts: Net Method, Entry if cash is Received within discount period (amount formulas)

DR Cash (Sale-Discount)
CR Accounts Receivable (Sale-Disc)

7

Sale Discounts: Net Method, Cash Received after discount period (With Amount Formulas)

DR Cash (Full Sale Amount)
CR Accounts Rec (Sale Amount-Disc)
CR Sales Discount Not Taken (Discount)

8

Sale Discounts: Gross Method (Amount Formula) Entry at time of sale

DR Accounts Receivable (sale amount)
CR sale (sale amount)

9

Sale Discounts: Gross Method, entry if cash received within Discount period. (Amount Formulas)

DR Cash (Sale Amount-Discount)
DR Sales Discounts (Discount)
CR Accounts Receivable (Gross sale amount)

10

Sales Discounts: Gross Method, entry if Cash is received after Discount period (amount formulas)

DR Cash (Gross Amount)
CR Accounts Receivable (Gross Amount)

11

Sales Discounts: Estimating Sales Discounts

DR Sales Discounts
CR allowance for sales Discounts

12

Occurrence of Sales Returns

DR Sales Returns and Allowances
CR Accounts Receivable

13

Estimate year end cost of goods to be returned as result of sales Returns

DR inventory
CR Cogs

14

Accounting for Uncollectible Accounts: Income Statement Approach (Formulas

DR Uncollectible Accounts Expense (Historical % of Uncollectible Accounts * Credit Sales)
CR Allowance for Uncollectible Accounts

15

accounting for uncollectible Accounts: Balance Sheet Approach, Percentage of Receivables (Amount Formulas)

DR Uncollectible Accounts (Desired Credit Balance in Allowance(historical % of past ar * Ar)-credit balance in allowance before adjustment)
CR allowance for Uncollectible Accounts

16

Allowance Method AR, Record collection of an account previously written off

DR AR
CR allowance for Uncollectibles
Dr Cash
CR AR

AR is not affected

17

Allowance Method: Write Off an Account

DR Allowance for Uncollectible
CR AR