270 likes | 447 Views
Debit Cash. Credit Sales, Sales tax payable. Recorded cash and credit card sales plus sales tax. Debit Acct. Rec. & Ann Adams. Credit Sales Sales Tax Payable. Sold merchandise on account to Ann Adams plus tax. Debit Purchases. Credit Acct. Pay. & Bob Bennet.
E N D
Debit Cash Credit Sales, Sales tax payable Recorded cash and credit card sales plus sales tax.
Debit Acct. Rec. & Ann Adams Credit Sales Sales Tax Payable Sold merchandise on account to Ann Adams plus tax
Debit Purchases Credit Acct. Pay. & Bob Bennet Purchased merchandise from Accounts Payable-Bob Bennet
Granted credit to Ann Adams for merchandise returned plus tax Credit Credit Acct. Rec. and Ann Adams Debit Sales Ret. & Allow. Sales Tax Payable
Received cash from Ann Adams less sales discount Debit Cash Sales Discount Sales Tax Payable Credit Acct. Rec. and Ann Adams
Debit Supplies Credit Acct. Pay. & Connie Conley Bought supplies on account from Connie Conley
Debit Rent Expense Credit Cash Paid cash for rent.
Debit Acct. Pay. & Bob Bennett Credit Cash Paid cash on account to Bob Bennett; no discount
Paid cash on account to Bob Bennett less purchase discount Debit Acct. Pay. and Bob Bennett Credit Cash Purchase Discount
Returned merchandise on account to Bob Bennett Debit Acct. Pay. and Bob Bennett Credit Purchases Returns & Allowances
Debit Sam Smith, Drawing Credit Cash Sam Smith withdrew cash for personal use.
Debit Purchases Credit Cash Purchased merchandise for cash.
Debit Sam Smith, Drawing Credit Purchases Sam Smith withdrew merchandise for personal use.
Debit Cash Credit Acct. Rec. & Gina Gates Received cash on account from Accounts Receivable-Gina Gates; no discount
Debit Petty Cash Credit Cash Paid cash to establish a petty cash fund
Debit Supplies Advertising Exp. Cash Short and Over Credit Cash Paid cash to replenish petty cash: supplies, advertising expense, cash is short.
Debit Supplies Credit Cash Bought Supplies for cash
Debit Sales Tax Payable Credit Cash Paid cash for sales tax owed.
Debit Cash Credit Sam Smith, Capital Received cash from Sam Smith as an investment
Debit Prepaid Insurance Credit Cash Paid cash for the insurance premium
Debit Supplies Expense Credit Supplies Record the adjusting entry for Supplies
Debit Insurance Exp. Credit Prepaid Insurance Recorded adjusting entry for Prepaid Insurance
Debit Sales Credit Income Summary Close the sales account.
Debit Income Summary Credit Rent Expense Close the rent expense account.
Debit Income Summary Credit Owner, Capital Close income summary (net income balance).
Debit Owner, Capital Credit Income Summary Close income summary (net loss balance).
Debit Owner, Capital Credit Owner, Drawing Close the drawing account.