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Exam #3
Journal Entries
25
Accounting
Undergraduate 2
11/30/2011

Additional Accounting Flashcards

 


 

Cards

Term
Issuance of Bonds
Definition
Dr. Cash
Cr. Bands Payable
Term
Record issuance of Bond at a Discount
Definition
Dr. Cash
Dr. Discount on Bond Payable
Cr. Bond Payable
Term
Record issuance of Bond at a Premium
Definition
Dr. Cash
Cr. Premium on Bond Payable
Cr. Bonds Payable
Term
Record accrued intrest expense for a Par Bond
Definition
Dr. Interest Expense
Cr. Intrest Payable
Term
Record accrued interest expense for a Premium
Definition
Dr. Interest Expense Cr.Premium on Bond Payable Cr. Interest Payable
Term
Record accrued interest expense for a Discount
Definition
Dr. Interest Expense
Cr. Discount on Bond
Cr. Interest Payable
Term
Record payment of interest for all Bonds
Definition
Dr. Bonds Payable
Dr. Interest Payable
Cr. Cash
Term
Issuing stock above Par
Definition
Dr. Cash
Cr. Additional Paid-In Capital
Cr. Common Stock
Term
Record payment of Note Payable and Interest Expense
Definition
Dr. Interest Expense
Dr. Note Payable
Cr. Cash
Term
Unearned Revenue (Unearned and Earned)
Definition
Dr. Cash
Cr. Unearned Revenue

Dr. Unearned Revenue
Cr. Service Revenue
Term
Record issuance of Treasury Stock
Definition
Dr. Treasury Stock (conta equity)
Cr. Cash
Term
Preferred Stock Issued
Definition
Dr. Cash
Cr. Preferred Stock
Cr. Paid-In Capital in excess of Par Value
Term
Issue Dividends (Declaration & Payment)
Definition
Dr. Dividends
Cr. Dividends Payable

Dr. Dividends Payable
Cr. Cash
Term
Calculate the present value fo a single sum
Definition
P x PVof1
Term
Calculate the present value of an Annuity
Definition
P x PVofA
Term
Calculate the future value of an Annuity
Definition
P x FVofA
Term
Calculate the future value of a single sum
Definition
P x PVof1
Term
Calculate the present value of a Bond
Definition
1. P x PVof1
2. Interest rate (contract) x PVofA
Term
Calculation of monthly interest rate
Definition
P x %(contract) x n/12
Term
Calculate for monthly payment of a note payable and interest expense
Definition
1. P x % x n/12 = interest expense
2. Monthly payment - interest expense = note payable
3. P - note payable = Ending Note Payable
Term
Record payment of a note payable and interest expense
Definition
Dr. Interest Expense Dr. Note Payable Cr. Cash
Term
if the outcome has a possible liability
Definition
disclose the contingency in the footnotes
Term
if the outcome has a probable liability
Definition
accrue for the loss
Term
Effects of stock split
Definition
1. Reduction int he par or stated value
2. Increase the number of shares

NO EFFECT: Retained Earnings, Stockholders Equity, Total Paid-In Capital
Term
Shares Outstanding
Definition
Shares Issued - Treasury Shares
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