sold office equipment for cash and received book value debit cash, accum. depreciation credit office...

Sold office equipment for cash and received book value

Debit

cash,

Accum. depreciation

Credit

Office Equipment

Cash Receipts Journal

Sold delivery equipment for more than book value

Debit

Cash

Accum. Dep- DE

Credit

Delivery Equipment

Gain on Plant Asset

Cash Receipts Journal

Wrote off past-due account of Gina Gates as uncollectible

Debit

Allow. for Uncollectible Accts.

Credit

AR/Gina Gates

General Journal

Reopened Gina Gates account that had been previously written

off

Debit

AR/Gina Gates

Credit

Allow. for Uncollectible Accts.

General Journal

Received cash from Gina Gates for the amount due.

Debit

CashCredit

AR/Gina Gates

Cash Receipts Journal

Sold delivery equipment for less than book value

Debit

Cash

Accum. Dep- DE

Loss on Plant Asset

Credit

Delivery

Equipment

Cash Receipts Journal

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

Debit

Notes ReceivableCredit

AR/Patti Day

General Journal

Received cash for the maturity value of a note receivable.

Debit

CashCredit

Notes Receivable

Interest Income

Cash Receipts Journal

Joe Brothers dishonored his notes receivable.

Debit

AR/Joe Brothers

Credit

Notes Receivable

Interest Income

General Journal

Signed a note with the American Bank.

Debit

CashCredit

Notes Payable

Cash Receipts Journal

Signed a note with Lawrence Supply for an extension of

time.

Debit

AP/Lawrence Supply

Credit

Notes Payable

General Journal

Paid cash for the maturity value of a notes payable.

Debit

Notes Payable

Interest Expense

Credit

Cash

Cash Payments Journal

Paid cash for semimonthly payroll less income tax, Medicare

and social security.

Debit

Salary Exp.

Credit

Emp. Inc. Tax Pay.

Medicare Tax Pay.

SS Tax Pay.

Cash

Cash Payments Journal

Recorded employer payroll tax expense.

Debit

Payroll Tax Exp.

CreditMedicare Tax Pay

SS Tax Pay

Fed. Unemploy. Tax Pay

State Unemploy. Tax Pay

General Journal

Paid cash for liability for employee income tax, Medicare,

social security.

Debit

Emp. Inc. Tax Pay

Medicare Tax Pay

SS Tax Pay

Credit

Cash

Cash Payments Journal

Paid cash for federal unemployment tax liability.

DebitFed. Unempl. Tax Pay.

Credit

Cash

Cash Payments Journal

Paid cash for state unemployment tax liability.

DebitState Unemploy. Tax Pay

Credit

Cash

Cash Payments Journal

The board of directors declared dividends.

Debit

Dividends

Credit

Dividends Payable

General Journal

Paid cash for dividends that were previously declared.

Debit

Dividends Payable

Credit

Cash

Cash Payments Journal

Dissolving a partnership:received cash from sale of delivery

equipment in which there was a gain.

Debit

Cash

Accum. Deprec.—DE

Credit

Delivery EquipmentLoss & Gain on Realization

Cash Receipts Journal

Dissolving a partnership:received cash from sale of supplies

in which there was a loss.

Debit

CashLoss & Gain on Realization

Credit

Supplies

Cash Receipts Journal

Dissolving a partnership:Paid cash to all creditors for

amounts owed.

Debit

Accounts Payable

Credit

Cash

Cash Payments Journal

Dissolving a partnership:Recorded distribution of

Gain on Realization

Debit

Loss & Gain on Realization

Credit

Partner Capital Accounts

General Journal

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

Debit

Partner Capital Accounts

Credit

Cash

Cash Payments Journal

Recorded international cash sale.

Debit

Cash

Credit

Sales

Cash Receipts Journal

Recorded a time draft receivable for an international sale.

Debit

Time Draft Receivable

Credit

Sales

General Journal

Received cash for the value of the time draft receivable.

Debit

Cash

Credit

Time Draft Receivable

Cash Receipts Journal

Recorded Internet credit card sales.

Debit

Cash

Credit

Sales

Cash Receipts Journal

Recorded adjusting entry for uncollectible accounts expense.

Debit

Uncollectible Accts. Exp.

Credit

Allow. for Uncollectible Accts.

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

Recorded adjusting entry for estimated depreciation.

Debit

Depreciation Exp.

Credit

Accumulated Depreciation

Recorded adjusting entry for increase to merchandise

inventory

Debit

Merchandise Inv.

Credit

Income Summary

Recorded adjusting entry for Prepaid Insurance

Debit

Insurance Exp.

Credit

Prepaid Insurance

Recorded adjusting entry for supplies.

Debit

Supplies Exp.

Credit

Supplies

Recorded adjusting entry for accrued interest income.

Debit

Interest Receivable

Credit

Interest Income

Recorded adjusting entry for accrued interest expense.

Debit

Interest Expense

Credit

Interest Payable

Recorded adjusting entry for Federal Income Tax Expense

Debit

Federal Income Tax Expense

Credit

Federal Income Tax Payable

Close the sales account.

Debit

Sales

Credit

Income Summary

Close the purchases account.

Debit

Income Summary

Credit

Purchases

Close the rent expense account.

Debit

Income Summary

Credit

Rent Expense

Close purchases discount account.

Debit

Purchases Discount

Credit

Income Summary

Close the sales returns and allowances account.

Debit

Income Summary

Credit

Sales Ret. & Allow.

Close Income Summary for corporation (net income).

Debit

Income Summary

Credit

Retained Earnings

Close dividends.

Debit

Retained

Earnings

Credit

Dividends

Reversing entry for accrued interest expense.

Debit

Interest Payable

Credit

Interest Expense

Reversing entry for accrued interest income.

Debit

Interest Income

Credit

Interest Receivable