Shared Flashcard Set

Details

unit 3
unit 3
15
Accounting
11th Grade
12/14/2011

Additional Accounting Flashcards

 


 

Cards

Term
The Trough Restaurant received $195 cash from 1st Bank for payment on account. What is the journal entry for The Trough Restaurant to record this transaction? (NCCTE.9_12.BE.6311.CA03.02)
Definition
Debit Cash, $195; credit Accounts Receivable/1st Bank, $195.
Term
Always On Electric received $177 cash from Emma Smith for payment on account. What is the journal entry for Always On Electric to record this transaction? (NCCTE.9_12.BE.6311.CA03.02)
Definition
Debit Cash, $177; credit Accounts Receivable/Emma Smith, $177.
Term
Pesky Termite received $85 cash from Bad Wood Hotel for payment on account. What is the journal entry for Pesky Termite to record this transaction? (NCCTE.9_12.BE.6311.CA03.02)
Definition

Debit Cash, $85; credit Accounts Receivable/Bad Wood Hotel, $85.

Term
Piggy's Butcher House received $114 cash from Jimmy's Barbeque for payment on account. What is the journal entry for Piggy's Butcher House to record this transaction? (NCCTE.9_12.BE.6311.CA03.02)
Definition
Debit Cash, $114; credit Accounts Receivable/Jimmy's Barbeque, $114
Term
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. What is the journal entry for Marvin's Motorcycles to record this transaction? (NCCTE.9_12.BE.6311.CA03.02)
Definition
Debit Cash, $125; debit Sales Discounts $25; credit Accounts Receivable/Stewart's Rides, $150.
Term
Heart Medical received $544 cash from Corner Market for payment on account. Corner Market took a $26 discount for paying early. What is the journal entry for Heart Medical to record this transaction? (NCCTE.9_12.BE.6311.CA03.02)
Definition
Debit Cash, $544; debit Sales Discounts $26; credit Accounts Receivable/ Corner Market, $570.
Term
City Utilities received $118 cash from Cody Waters for payment on account. Cody Waters took a $3 discount for paying early. What is the journal entry for City Utilities to record this transaction? (NCCTE.9_12.BE.6311.CA03.02)
Definition
Debit Cash, $118; debit Sales Discounts $3; credit Accounts Receivable/ Cody Waters, $121.
Term
City Observer received $48 cash from Kevin Grayson for payment on account. Kevin Grayson took a $2 discount for paying early. What is the journal entry for City Observer to record this transaction? (NCCTE.9_12.BE.6311.CA03.02)
Definition
Debit Cash, $48; debit Sales Discounts $2; credit Accounts Receivable/ Kevin Grayson, $50.
Term
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? (NCCTE.9_12.BE.6311.CA03.02)
Definition
Debit Sales Returns and Allowances, $400, Sales Tax Payable, $32; Credit Accounts Receivable/Serious Sports, $432.
Term
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? (NCCTE.9_12.BE.6311.CA03.02)
Definition
Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Receivable/The Wedding Planners, $661.
Term
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? (NCCTE.9_12.BE.6311.CA03.02)
Definition
Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit Accounts Receivable/Sky Builders, $15,550.
Term
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? (NCCTE.9_12.BE.6311.CA03.02)
Definition
Debit Sales Returns and Allowances, $348, Sales Tax Payable, $22; Credit Accounts Receivable/Penny Arcade, $370.
Term
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? (NCCTE.9_12.BE.6311.CA03.02)
Definition
Debit Sales Returns and Allowances, $997, Sales Tax Payable, $62; Credit Accounts Receivable/Wave Com, $1,059.
Term
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. What is the journal entry for Busters' Department Store to record the returned merchandise? (NCCTE.9_12.BE.6311.CA03.02)
Definition
Debit Sales Returns and Allowances, $65, Sales Tax Payable, $4; Credit Cash, $69.
Term

Murphy Hardware sold merchandise for cash to Tim Thompson for $813, plus sales tax of $56. Mr. Thompson later returned the merchandise. What is the journal entry for Murphy Hardware to record the returned merchandise? (NCCTE.9_12.BE.6311.CA03.02)

Definition
Debit Sales Returns and Allowances, $813, Sales Tax Payable, $56; Credit Cash, $869.
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