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Reviewer Accounting

This document outlines journal entries for various accounting transactions including: 1) Purchase and sale of merchandise on credit, returns and allowances, payments to creditors within and beyond discount periods. 2) Freight terms including FOB shipping point, FOB collect, FOB prepaid, and FOB destination. 3) Acquisition and sale of fixed assets and the related gain or loss calculation. 4) Adjustments for accrued income/expenses, prepaid/deferred assets, depreciation, amortization of discounts, allowance for doubtful accounts, and merchandise inventory.

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Derick Flores
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253 views4 pages

Reviewer Accounting

This document outlines journal entries for various accounting transactions including: 1) Purchase and sale of merchandise on credit, returns and allowances, payments to creditors within and beyond discount periods. 2) Freight terms including FOB shipping point, FOB collect, FOB prepaid, and FOB destination. 3) Acquisition and sale of fixed assets and the related gain or loss calculation. 4) Adjustments for accrued income/expenses, prepaid/deferred assets, depreciation, amortization of discounts, allowance for doubtful accounts, and merchandise inventory.

Uploaded by

Derick Flores
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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ACTBAS2 REVIEWER AY 2011-2012 TERM 2 P UR C H AS EANDS AL EOFME R C H ANDIS E(P E R IODICINVE NTOR YS Y S TE M) P urchas e of Merchandis e on credit Debit Journal

entry: Purchases Accounts Payable xx xx Credit

P urchas eR eturnsand Allowances Journal entry: Accounts Payable Purchase Returns and Allowances xx xx

P aym ent to creditor Within the Dis count P eriod Journal entry: Accounts Payable Purchase Discount Cash xx xx xx

P aym ent to creditor Beyond the D is count P eriod Journal entry: Accounts Payable Cash xx xx

S ale of Merchandis e on credit Journal entry: Accounts Receivable Sales xx xx

S alesR etunsand Allowances Journal entry: Sales Returns and Allowances Accounts Receivable xx xx

C ollection fromcus tom er within the dis count period Journal entry: Cash Sales Discount Accounts Receivable xx xx xx

C ollection fromcus tom er beyond the dis count period Journal entry: Cash Accounts Receivable Trade D is count Journal entry: NO ENTRY xx xx

F R E IGH T TE R MS F OBS H IP P IN GP OINT F OBC OL L E C T (B uyer paysin advance) Buyer's Books: Freight-In Cash Seller's Books: NO ENTRY F OBP R E P AID (S eller paysin advance) Buyer's Books: Freight-In Accounts Payable Seller's Books: Accounts Receivable Cash xx Buyer's Books: Accounts Payable xx Cash Seller's Books: Freight-Out Accounts Receivable Buyer's Books: NO ENTRY xx Seller's Books: Freight-Out xx Cash F OBD E S TINATION xx xx

xx xx

xx

xx

xx xx

F IX E DAS S E TS Acquistion of F ixed As s ets Acquisition Cost =Purchase Price +Incidental Costs - Cash Discount Net Method of Accounting - record purchase of fixed assets net of cash discount Fixed Asset Account Cash/Accounts Payable S ale of F ixed As s ets Gain or Loss on Sale of Fixed Asset =Proceeds from Sale - Book Value of Fixed Asset Book Value of Fixed Asset =Acquisition Cost - Accumulated Depreciation Gain on Sale: Cash Accumulated Depreciation Gain on Sale of Fixed Asset Fixed Asset Account Loss on Sale: Cash Accumulated Depreciation Loss on Sale of Fixed Asset Fixed Asset Account xx xx xx xx xx xx xx xx xx xx

ADJUS TME NTS AC C R UAL Accrued Incom e: Accrued Receivable Income (Revenue) Expense Accrued Payable (Liability) xx xx xx xx

Accrued E xpens e:

D E F E R R AL P repaid As s et Initial R ecog nition As s et Method Prepaid Asset Cash Expense Prepaid Asset L iabilityMethod Cash Unearned Income Adjus tm ent Unearned Income Income xx xx xx xx Cash Income Income Unearned Income xx xx xx Expense xx Cash xx Prepaid Asset Expense Incom e Method xx xx E xpens e Method xx xx xx xx

Adjus tm ent

xx

Unearned/D eferred R evenue Initial R ecog nition

DE P RE C IATION Annual Depreciation =(Acquisition Cost - Salvage Value) / Estimated Useful Life Adjus tm ent Depreciation Expense Accumulated Depreciation xx xx

AMOR TIZ ATION OFDIS C OUNT Owner's Note Initial R ecog nition

Cash Discount on Notes Payable Note Payable Interest Expense Discount on Notes Payable

xx xx xx xx xx

Adjus tm ent/Am ortization

AL L OWANC EF ORD OUBTF ULAC C OUNTS %of Accounts Receivable =Allowance for Doubtful Accounts, END Adjus tm ent Doubtful Accounts Expense Allowance for Doubtful Accounts xx xx

ME R C H AND IS EINV E NTOR Y Adjus tm ent Merchandise Inventory, End Cost of Goods Sold Purchase Discount Purchase Returns and Allowances Purchases Merchandise Inventory, Beginning Freight-In xx xx xx xx xx xx xx

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