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Accounting 2010 Final
Terms in this set (38)
normal debit balance (Cash, A/R, Supplies, Equipment)
normal credit balance (Acc depreciation)
normal credit balance (Bonds Payable, A/P, Sal Payable, Unearned Rev)
normal debit balance (Disc on Bonds Payable)
normal credit balance (common stock, Paid in Capital. Retained Earnings)
Journal entry for a note issuance
Debit Cash, Credit Note Payable
Journal entry for note payment
Debit Note Payable, Int Exp, Credit Cash
Journal entry for common stock
Debit Cash, Credit Common Stock, Paid in Capital of Excess Par
Journal entry for discount bond issuance
Debit Cash, Disc BP, Credit BP
Journal entry for discount bond payment
Debit Int exp, Credit Disc BP, Cash
Journal Entry for premium bond issuance
Debit Cash, Credit Premium BP, BP
Journal entry for premium bond payment
Debit Int Exp, Premium BP, Credit Cash
Non cash expenses
Depreciation, Depletion, and Amortization
A/R, Inventory, Prepaid expenses
A/P, current portion of long-term liabilities
Note Payable, Bond Payable
Rev earned, expenses
buying and selling of assets
bonds/stocks, payables, dividends
ABC Corporation purchases back $20,000 of its common stock. What does this to do the Cash Flow?
ABC Corporation purchases back $20,000 of its common stock, what would they debit?
XYZ Corporation sells 10 year, $500,000 face value bonds at 102, 2.5% interest paid semiannually. What would XYZ debit in the issuance of the bond?
Is Bonds listed in the stockholder's equity section of the balance sheet?
ABC Corp's salary payable account increased $2,500 from December 2017 to December 2018. How would this affect the cash flow statement?
Add the increase to Net Income
AAC has 5,000 shares of $5 par common stock outstanding, the stock was issued at $20 a share. AAC also has a deficit balance in R/E of $10,000. How much is their stockholder's equity?
An Increase in A/R from 2017 to 2018 would be ________________ to Net Income
ABC Corp purchases 1,000 of its $1 par common stock $15 per share. The debit is:
Treasury Stock, $15,000
Does an Income Statement include Unearned Revenue?
The amount the borrower must pay back to the bondholders o the maturity date is known as the:
In the cash flow statement, the __________ section is the second section of the statement
accrued expenses payable
Paid in capital
Gain on sales of investments
Rev - COGS - Expenses
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