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Flashcards in Journal Entries Deck (11):
1

Accounts Receivable Recording (Gross)

DR Accounts Receivable. XX
CR Sales XX

2

Accounts Receivable Valid Discount (Gross)

DR Cash XX
DR Sales Discounts. XX
CR Accounts Receivable. XX

3

Sales Discounts Forfeited (Net)

DR Cash. XX
CR Sales Discounts Forfeited. XX
CR Accounts Receivable. XX

4

Sales Returns and Allowances

DR Sales Returns and Allowances. XX
CR Accounts Receivable XX

5

Direct Write Off Method

DR Bad Debt Expense
CR Accounts Receivable

6

Direct Write Off Method Recovery (Previously Written off)

DR Cash
Cr Bad Debts Recovered

7

Allowance Method End of period Entry

DR Bad Debt Expense
Cr Allowance for Doubtful Accounts

8

Allowance Method (write off)

Dr Allowance for Doubtful Accounts
Cr Accounts Receivable

9

Allowance Method (Recovery of Account)

Dr Accounts Receivable
CR Allowance for Doubtful Accounts

Dr Cash
CR Accounts Receivable

10

Simple Interest Note Entries

Initial date
DR Notes Receivable
CR Sales

Interest payment date
DR Cash
CR Interest Revenue

Accrued Interest
DR Interest Receivable
CR Interest Revenue

Interest payment with accrued interest
DR Cash
CR Interest Receivable
CR Interest Revenue

11

Inventory Perpetual Entries

Inventory on account
DR Merchandise Inventory
CR Accounts Payable

Paid Delivery Charges
DR Merchandise Inventory
CR Cash

Return Damaged Inventory
DR Accounts Payable
CR Merchandise

Merchandise with discount
DR Accounts Payable
CR Merchandise Inventory
CR Cash

Sold Merchandise on Account
DR Accounts Receivable
CR Sales

DR Cost of Goods Sold
CR Merchandise Inventory