Acct 110_2final

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Price-Haddock-Farina McGraw-Hill/Irwin IBSN 9780073365497

2/10 net 30

...

a revenue account

Sales revenue

Individual customer balance is found

A/R is a subsid Ledger account

*formula for NET

sales-sale returns= net

A= L + OE

...

CORPORATION

goes forever

never mix or combine

tax business with personal

financial information needed by owners

analyzing and making informed decisions

CPA

SERVES public for fee

Fundamental Acct Equation

Assets = Liab + Owners eq

closing entry balance amount

ZERO

entry to close FEES INCOME?

DEB-fees income
CRED-income summ

DEBITS equal CREDITS WHEN

THE trial balance in IN BALANCE

ENTRY TO record depr expense?

DEB-depr. exp
CRED-accum depr

entry to CLOSE (E2CL/e2cl) -owner's draw

deb owners cap
cred owners draw

adj entry for use of supplies is

deb supp exp
cred supp

*gross profit sales

= net sales - cost of goods sold

gross pay

Total compensation before deductions

long term assets:

equipment buildings, land, PPE

*Current assets account is a

an asset on the classified bal sheet

net pay

earnings - deductions

owner's capital stays open during the

closing process

*ZERO BAL accounts:

REVENUE, EXPENSES, COST OF GOODS

CALC OVERTIME

1 1/2 TIME

FED UNEMP TAX

employer pays

form 941 is filed

quarterly

940 is filed

once per year to report FUTA taxes

*record pay of SUTA tax

deb payroll suta expense
cred cash

*record at payroll SUTA

DEB PAYROLL TAX EXP
CRED suta payable

salaries exp, pay tax exp >>THEN PAYABLE ACCTS: cash or net pay; FUTA pay; SUTA pay; FIC pay

...

FIC is withheld from EMPLOY

REC AS: employ income tax pay or
Fed income tax pay

*MEDICARE TAX RATE; 50/50

1.45

*SOCIAL SEC RATE; 50/50

6.2

RESTRICTED endorsement check or for dep only

most protection

reconcile OUTSTANDING CHECKS:

from Bank Bal

rec purch merch on credit

deb merch
cred accts pay

single step income state

lists all revenues in one income statement

post closing trial bal accts:

A. L. OE

*CALC current ratio:

current ASSETS {divided by}
current LIABILITIES

GEN LEDGER ACCT ORDER:

ASSETS Perm-temp
BAL SHEET
INCOME STATEMENT
assets, liab, rev, exp

Post a CORRECTING ENTRY

TO adjust an error

ASSET ACCTOUNTS

ARE increased by DEBITS L+L+L+

CREDIT ACCOUNTS (liab, rev, OE)

INCREASED BY credits R+R+R+

INCREASES 2 OE:

sales, revenue and income

Ending CAPITAL ACCT BAL IS ON:

STATEMENT of OE
BAL SHEET

BAL SHEET

SNAP SHOT @ given time

net loss - simple

expenses EXCEED rev.

MERCH INVENTORY IS ON:

INC STATE
BAL SHEET

ALLOW FOR DOUBTFUL ACCTS IS ON:

CURRENT ASSETS, BAL SHEET
subtracted from A/r and RECORDED on current assets on the bal sheet

bad debt entry

deb uncollect acct expense
cred allow for doubt accts

BAD DEBT IS AN ASSET

ON BALANCE SHEET

accrued interest on notes pay

deb interest exp
cred interest pay

reversing entry

1 day after close of new period

accrued income

Income learned but not yet recieved

unearned income

received but not earned, interest

ss & medicare

50/50 tax

Purchases account is:

a TEMP & C.O.G.S.

SPECIAL JOURNAL: merchandise is

purch journal

SP. JOURNAL: to record a check to a supplier:

cash payments

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