Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
12 Cards in this Set
- Front
- Back
Entry for Purchase Returns and Allowances |
Accounts Payable debited Merchandise Inventory credited |
|
Entry for Purchase Discount during Discount Period |
Accounts Payable debited Cash credited Merchandise Inventory credited for discount |
|
Entry for Cash Sales |
Cash debited Sales credited |
|
Entry for Cost of Goods Sold for Cash |
Cost of Goods Sold debited Merchandise Inventory credited |
|
Entry for Credit Sales |
Accounts Receivable debited Sales credited |
|
Seller's entry for Sales Returns |
Sales Return and Allowances debited Accounts Receivable credited |
|
Gross Profit Rate |
Gross Profit / Net Sales |
|
Equation for Net Income |
Total Revenues - Total Expenses |
|
Entry for Bad Debt Expense |
Bad debt expense debited Allowance for doubtful accts. credited |
|
Entry for NSF check |
Accounts Rec. Deb. Cash Cred. |
|
Entry for Bank Service Charge |
Mis. Expense Deb. Cash Cred. |
|
Entry for Book Error |
Cash Deb. Accounts Payable Cred. |