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Sold office equipment for cash and received book value. Cash Receipts Journal. Debit cash, Accum. depreciation. Credit Office Equipment. Sold delivery equipment for more than book value. Cash Receipts Journal. Debit Cash Accum. Dep- DE. Credit Delivery Equipment

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sold office equipment for cash and received book value

Sold office equipment for cash and received book value

Cash Receipts Journal

Debit

cash,

Accum. depreciation

Credit

Office Equipment

sold delivery equipment for more than book value

Sold delivery equipment for more than book value

Cash Receipts Journal

Debit

Cash

Accum. Dep- DE

Credit

Delivery Equipment

Gain on Plant Asset

wrote off past due account of gina gates as uncollectible

Wrote off past-due account of Gina Gates as uncollectible

General Journal

Debit

Allow. for Uncollectible Accts.

Credit

AR/Gina Gates

reopened gina gates account that had been previously written off

Reopened Gina Gates account that had been previously written off

General Journal

Debit

AR/Gina Gates

Credit

Allow. for Uncollectible Accts.

received cash from gina gates for the amount due

Received cash from Gina Gates for the amount due.

Cash Receipts Journal

Debit

Cash

Credit

AR/Gina Gates

slide6

Sold delivery equipment for less than book value

Cash Receipts Journal

Credit

Delivery

Equipment

Debit

Cash

Accum. Dep- DE

Loss on Plant Asset

slide7

Accepted a note from Patti Day for an extension of time.

General Journal

Debit

Notes Receivable

Credit

AR/Patti Day

received cash for the maturity value of a note receivable

Received cash for the maturity value of a note receivable.

Cash Receipts Journal

Debit

Cash

Credit

Notes Receivable

Interest Income

joe brothers dishonored his notes receivable

Joe Brothers dishonored his notes receivable.

General Journal

Debit

AR/Joe Brothers

Credit

Notes Receivable

Interest Income

signed a note with the american bank

Signed a note with the American Bank.

Cash Receipts Journal

Debit

Cash

Credit

Notes Payable

signed a note with lawrence supply for an extension of time

Signed a note with Lawrence Supply for an extension of time.

General Journal

Debit

AP/Lawrence Supply

Credit

Notes Payable

paid cash for the maturity value of a notes payable

Paid cash for the maturity value of a notes payable.

Cash Payments Journal

Debit

Notes Payable

Interest Expense

Credit

Cash

paid cash for semimonthly payroll less income tax medicare and social security

Paid cash for semimonthly payroll less income tax, Medicare and social security.

Cash Payments Journal

Credit

Emp. Inc. Tax Pay.

Medicare Tax Pay.

SS Tax Pay.

Cash

Debit

Salary Exp.

recorded employer payroll tax expense

Recorded employer payroll tax expense.

General Journal

Credit

Medicare Tax Pay

SS Tax Pay

Fed. Unemploy. Tax Pay

State Unemploy. Tax Pay

Debit

Payroll Tax Exp.

paid cash for liability for employee income tax medicare social security

Paid cash for liability for employee income tax, Medicare, social security.

Cash Payments Journal

Debit

Emp. Inc. Tax Pay

Medicare Tax Pay

SS Tax Pay

Credit

Cash

paid cash for federal unemployment tax liability

Paid cash for federal unemployment tax liability.

Cash Payments Journal

Debit

Fed. Unempl. Tax Pay.

Credit

Cash

paid cash for state unemployment tax liability

Paid cash for state unemployment tax liability.

Cash Payments Journal

Debit

State Unemploy. Tax Pay

Credit

Cash

the board of directors declared dividends

The board of directors declared dividends.

General Journal

Debit

Dividends

Credit

Dividends Payable

paid cash for dividends that were previously declared

Paid cash for dividends that were previously declared.

Cash Payments Journal

Debit

Dividends Payable

Credit

Cash

dissolving a partnership received cash from sale of delivery equipment in which there was a gain

Dissolving a partnership:received cash from sale of delivery equipment in which there was a gain.

Cash Receipts Journal

Debit

Cash

Accum. Deprec.—DE

Credit

Delivery Equipment

Loss & Gain on Realization

dissolving a partnership received cash from sale of supplies in which there was a loss

Dissolving a partnership:received cash from sale of supplies in which there was a loss.

Cash Receipts Journal

Debit

Cash

Loss & Gain on Realization

Credit

Supplies

dissolving a partnership paid cash to all creditors for amounts owed

Dissolving a partnership:Paid cash to all creditors for amounts owed.

Cash Payments Journal

Debit

Accounts Payable

Credit

Cash

dissolving a partnership recorded distribution of gain on realization

Dissolving a partnership:Recorded distribution of Gain on Realization

General Journal

Debit

Loss & Gain on Realization

Credit

Partner Capital Accounts

dissolving a partnership recorded final distribution of remaining cash to partners

Dissolving a partnership:Recorded final distribution of remaining cash to partners.

Cash Payments Journal

Debit

Partner Capital Accounts

Credit

Cash

recorded international cash sale

Recorded international cash sale.

Cash Receipts Journal

Debit

Cash

Credit

Sales

recorded a time draft receivable for an international sale

Recorded a time draft receivable for an international sale.

General Journal

Debit

Time Draft Receivable

Credit

Sales

received cash for the value of the time draft receivable

Received cash for the value of the time draft receivable.

Cash Receipts Journal

Debit

Cash

Credit

Time Draft Receivable

recorded internet credit card sales

Recorded Internet credit card sales.

Cash Receipts Journal

Debit

Cash

Credit

Sales

recorded adjusting entry for uncollectible accounts expense

Recorded adjusting entry for uncollectible accounts expense.

Note: all adjusting, closing and reversing entries are in the general journal.

Debit

Uncollectible Accts. Exp.

Credit

Allow. for Uncollectible Accts.

recorded adjusting entry for estimated depreciation

Recorded adjusting entry for estimated depreciation.

Debit

Depreciation Exp.

Credit

Accumulated Depreciation

recorded adjusting entry for increase to merchandise inventory

Recorded adjusting entry for increase to merchandise inventory

Debit

Merchandise Inv.

Credit

Income Summary

recorded adjusting entry for prepaid insurance

Recorded adjusting entry for Prepaid Insurance

Debit

Insurance Exp.

Credit

Prepaid Insurance

recorded adjusting entry for supplies

Recorded adjusting entry for supplies.

Debit

Supplies Exp.

Credit

Supplies

recorded adjusting entry for accrued interest income

Recorded adjusting entry for accrued interest income.

Debit

Interest Receivable

Credit

Interest Income

recorded adjusting entry for accrued interest expense

Recorded adjusting entry for accrued interest expense.

Debit

Interest Expense

Credit

Interest Payable

recorded adjusting entry for federal income tax expense

Recorded adjusting entry for Federal Income Tax Expense

Debit

Federal Income Tax Expense

Credit

Federal Income Tax Payable

close the sales account

Close the sales account.

Debit

Sales

Credit

Income Summary

close the purchases account

Close the purchases account.

Debit

Income Summary

Credit

Purchases

close the rent expense account

Close the rent expense account.

Debit

Income Summary

Credit

Rent Expense

close purchases discount account

Close purchases discount account.

Debit

Purchases Discount

Credit

Income Summary

close the sales returns and allowances account

Close the sales returns and allowances account.

Debit

Income Summary

Credit

Sales Ret. & Allow.

close income summary for corporation net income

Close Income Summary for corporation (net income).

Debit

Income Summary

Credit

Retained Earnings

slide43

Close dividends.

Debit

Retained

Earnings

Credit

Dividends

slide44

Reversing entry for accrued interest expense.

Debit

Interest Payable

Credit

Interest Expense

slide45

Reversing entry for accrued interest income.

Debit

Interest Income

Credit

Interest Receivable