Term
| Debit Sales Returns and Allowances, $400, Sales Tax Payable, $32; Credit Accounts Receivable/Serious Sports, $432. |
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Definition
| Timer's Distributing accepted returned merchandise purchased on account by Serious Sports for, $400, plus sales tax of $32. What is the journal entry for Timer's Distributing to record this transaction |
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Term
| Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Receivable/The Wedding Planners, $661. |
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Definition
| Patty's Party Favors accepted returned merchandise purchased on account by The Wedding Planners for, $613, plus sales tax of $48. What is the journal entry for Patty's Party Favors to record this transaction |
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Term
| Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit Accounts Receivable/Sky Builders, $15,550. |
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Definition
| American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus sales tax of $1,100. What is the journal entry for American Steel to record this transaction |
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Term
| Debit Sales Returns and Allowances, $348, Sales Tax Payable, $22; Credit Accounts Receivable/Penny Arcade, $370. |
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Definition
| Juan's Stuffed Animals accepted returned merchandise purchased on account by Penny Arcade for, $348, plus sales tax of $22. What is the journal entry for Juan's Stuffed Animals to record this transaction |
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Term
| Debit Sales Returns and Allowances, $997, Sales Tax Payable, $62; Credit Accounts Receivable/Wave Com, $1,059. |
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Definition
| Delacom Communciations accepted returned merchandise purchased on account by Wave Com for, $997, plus sales tax of $62. What is the journal entry for Delacom Communciations to record this transaction |
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Term
| Debit Sales Returns and Allowances, $65, Sales Tax Payable, $4; Credit Cash, $69. |
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Definition
| Busters' Department Store sold merchandise for $65, plus sales tax of $4, to Jake Coble who charged the sale on his bank credit card. Mr. Coble later returned the merchandise. |
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Term
| Debit Sales Returns and Allowances, $813, Sales Tax Payable, $56; Credit Cash, $869. |
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Definition
| Murphy Hardware sold merchandise for cash to Tim Thompson for $813, plus sales tax of $56. Mr. Thompson later returned the merchandise. |
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Term
| Debit Sales Returns and Allowances, $806, Sales Tax Payable, $52; Credit Accounts Receivable/3rd Street Pool, $858. |
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Definition
| Tony's Custom Pool Cues accepted returned merchandise purchased on account by 3rd Street Pool for, $806, plus sales tax of $52. |
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Term
| Debit Cash, $320; credit Accounts Receivable/Pancake Hut, $320. |
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Definition
| Food Supply received $320 cash from Pancake Hut for payment on account |
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Term
| Debit Cash, $175; credit Accounts Receivable/Wayne Sweeny, $175. |
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Definition
| Fast Freddy Furniture received $175 cash from Wayne Sweeny for payment on account. |
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Term
| Debit Cash, $415; credit Accounts Receivable/Eddie Baker, $415. |
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Definition
| Slick's Used Cars received $415 cash from Eddie Baker for payment on account |
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Term
| Debit Cash, $235; credit Accounts Receivable/Biggies Grocery, $235. |
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Definition
| Lotta Milk, Inc. received $235 cash from Biggies Grocery for payment on account |
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Term
| Debit Cash, $489; credit Accounts Receivable/Quality Electronics, $489. |
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Definition
| ABC Computers received $489 cash from Quality Electronics for payment on account |
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Term
| Debit Cash, $195; credit Accounts Receivable/1st Bank, $195. |
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Definition
| The Trough Restaurant received $195 cash from 1st Bank for payment on account |
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Term
| Debit Cash, $177; credit Accounts Receivable/Emma Smith, $177. |
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Definition
| Always On Electric received $177 cash from Emma Smith for payment on account. |
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Term
| Debit Cash, $85; credit Accounts Receivable/Bad Wood Hotel, $85. |
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Definition
| Pesky Termite received $85 cash from Bad Wood Hotel for payment on account |
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Term
| Debit Cash, $114; credit Accounts Receivable/Jimmy's Barbeque, $114. |
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Definition
| Piggy's Butcher House received $114 cash from Jimmy's Barbeque for payment on account. |
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Term
| Debit Cash, $125; debit Sales Discounts $25; credit Accounts Receivable/Stewart's Rides, $150. |
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Definition
| Marvin's Motorcycles received $125 cash from Stewart's Rides for payment on his account. Stewart's Rides took a $25 sales discount for paying early. |
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Term
| Debit Cash, $544; debit Sales Discounts $26; credit Accounts Receivable/ Corner Market, $570. |
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Definition
| Heart Medical received $544 cash from Corner Market for payment on account. Corner Market took a $26 discount for paying early |
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Term
| Debit Cash, $118; debit Sales Discounts $3; credit Accounts Receivable/ Cody Waters, $121. |
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Definition
| City Utilities received $118 cash from Cody Waters for payment on account. Cody Waters took a $3 discount for paying early. |
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Term
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Definition
| A local accounting firm wrote in a recommendation for Mary that she possesses a great deal of integrity and has excellent basic skills in literacy and computation. This is classified as which skill |
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Term
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Definition
| Mary has applied for a position as an accounting clerk for a local company. She listed as her qualifications that she is a problem-solver and needs little direction to complete assigned tasks. This is classified as which skill |
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Term
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Definition
| Lisa is applying for a position in a small insurance agency. The company is looking to hire an individual that can convert their manual accounting system to a computerized system. She listed on her application that she has an accounting degree as well as an emphasis in computerized systems |
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Term
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Definition
| Sharon takes responsibility and initiative for her own work at Accounting Temps |
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Term
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Definition
| Brian is an accountant in a local firm. He submits an accounting report to his manager that suggests an action that will ultimately benefit him monetarily. |
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Term
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Definition
| Jason demonstrates accuracy and truthfulness when he works with his accounting clients |
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Term
| Debit Cash and credit Accounts Receivable/Parker, INC. |
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Definition
| RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT |
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Term
| Debit Cash and credit Frank Harper, Capital |
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Definition
| RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT |
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Term
| Debit Cash and credit Legal Fees |
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Definition
| RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, |
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Term
| Debit Supplies and credit Accounts Payable/Davis Supply Store |
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Definition
| BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE |
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Term
| Debit Prepaid Insurance and credit Cash |
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Definition
| BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE |
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Term
| Debit Prepaid Insurance and credit Cash |
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Definition
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Term
| Debit Rent Expense and credit Cash |
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Definition
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Term
| Debit Utilities Expense and credit Cash |
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Definition
| PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) |
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Term
| Debit Accounts Receivable/Beth Parker and credit Sales |
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Definition
| SOLD SERVICES ON ACCOUNT TO BETH PARKER |
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Term
| Debit Miscellaneous Expense and credit Cash |
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Definition
| PAID CASH FOR MISCELLANEOUS EXPENSE |
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Term
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Definition
| RECEIVED CASH FROM OWNER AS AN INVESTMENT |
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Term
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Definition
| BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY CO |
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Term
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Definition
| BILLED ANDERSON COMPANY FOR WORK COMPLETED |
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Term
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Definition
| Jamie is an accountant. She knows that she is expected to produce accurate financial reports from her audit. She knows when she submits her report to her superiors her friend will suffer consequences for misappropriation of funds. Jamie submits an accurate report and follows which key principle for ethics in accounting |
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