Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office...
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Transcript of Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office...
![Page 1: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/1.jpg)
Sold office equipment for cash and received book value
Debit
cash,
Accum. depreciation
Credit
Office Equipment
Cash Receipts Journal
![Page 2: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/2.jpg)
Sold delivery equipment for more than book value
Debit
Cash
Accum. Dep- DE
Credit
Delivery Equipment
Gain on Plant Asset
Cash Receipts Journal
![Page 3: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/3.jpg)
Wrote off past-due account of Gina Gates as uncollectible
Debit
Allow. for Uncollectible Accts.
Credit
AR/Gina Gates
General Journal
![Page 4: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/4.jpg)
Reopened Gina Gates account that had been previously written
off
Debit
AR/Gina Gates
Credit
Allow. for Uncollectible Accts.
General Journal
![Page 5: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/5.jpg)
Received cash from Gina Gates for the amount due.
Debit
CashCredit
AR/Gina Gates
Cash Receipts Journal
![Page 6: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/6.jpg)
Sold delivery equipment for less than book value
Debit
Cash
Accum. Dep- DE
Loss on Plant Asset
Credit
Delivery
Equipment
Cash Receipts Journal
![Page 7: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/7.jpg)
Accepted a note from Patti Day for an extension of time.
Debit
Notes ReceivableCredit
AR/Patti Day
General Journal
![Page 8: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/8.jpg)
Received cash for the maturity value of a note receivable.
Debit
CashCredit
Notes Receivable
Interest Income
Cash Receipts Journal
![Page 9: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/9.jpg)
Joe Brothers dishonored his notes receivable.
Debit
AR/Joe Brothers
Credit
Notes Receivable
Interest Income
General Journal
![Page 10: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/10.jpg)
Signed a note with the American Bank.
Debit
CashCredit
Notes Payable
Cash Receipts Journal
![Page 11: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/11.jpg)
Signed a note with Lawrence Supply for an extension of
time.
Debit
AP/Lawrence Supply
Credit
Notes Payable
General Journal
![Page 12: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/12.jpg)
Paid cash for the maturity value of a notes payable.
Debit
Notes Payable
Interest Expense
Credit
Cash
Cash Payments Journal
![Page 13: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/13.jpg)
Paid cash for semimonthly payroll less income tax, Medicare
and social security.
Debit
Salary Exp.
Credit
Emp. Inc. Tax Pay.
Medicare Tax Pay.
SS Tax Pay.
Cash
Cash Payments Journal
![Page 14: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/14.jpg)
Recorded employer payroll tax expense.
Debit
Payroll Tax Exp.
CreditMedicare Tax Pay
SS Tax Pay
Fed. Unemploy. Tax Pay
State Unemploy. Tax Pay
General Journal
![Page 15: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/15.jpg)
Paid cash for liability for employee income tax, Medicare,
social security.
Debit
Emp. Inc. Tax Pay
Medicare Tax Pay
SS Tax Pay
Credit
Cash
Cash Payments Journal
![Page 16: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/16.jpg)
Paid cash for federal unemployment tax liability.
DebitFed. Unempl. Tax Pay.
Credit
Cash
Cash Payments Journal
![Page 17: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/17.jpg)
Paid cash for state unemployment tax liability.
DebitState Unemploy. Tax Pay
Credit
Cash
Cash Payments Journal
![Page 18: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/18.jpg)
The board of directors declared dividends.
Debit
Dividends
Credit
Dividends Payable
General Journal
![Page 19: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/19.jpg)
Paid cash for dividends that were previously declared.
Debit
Dividends Payable
Credit
Cash
Cash Payments Journal
![Page 20: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/20.jpg)
Dissolving a partnership:received cash from sale of delivery
equipment in which there was a gain.
Debit
Cash
Accum. Deprec.—DE
Credit
Delivery EquipmentLoss & Gain on Realization
Cash Receipts Journal
![Page 21: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/21.jpg)
Dissolving a partnership:received cash from sale of supplies
in which there was a loss.
Debit
CashLoss & Gain on Realization
Credit
Supplies
Cash Receipts Journal
![Page 22: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/22.jpg)
Dissolving a partnership:Paid cash to all creditors for
amounts owed.
Debit
Accounts Payable
Credit
Cash
Cash Payments Journal
![Page 23: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/23.jpg)
Dissolving a partnership:Recorded distribution of
Gain on Realization
Debit
Loss & Gain on Realization
Credit
Partner Capital Accounts
General Journal
![Page 24: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/24.jpg)
Dissolving a partnership:Recorded final distribution of remaining cash to partners.
Debit
Partner Capital Accounts
Credit
Cash
Cash Payments Journal
![Page 25: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/25.jpg)
Recorded international cash sale.
Debit
Cash
Credit
Sales
Cash Receipts Journal
![Page 26: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/26.jpg)
Recorded a time draft receivable for an international sale.
Debit
Time Draft Receivable
Credit
Sales
General Journal
![Page 27: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/27.jpg)
Received cash for the value of the time draft receivable.
Debit
Cash
Credit
Time Draft Receivable
Cash Receipts Journal
![Page 28: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/28.jpg)
Recorded Internet credit card sales.
Debit
Cash
Credit
Sales
Cash Receipts Journal
![Page 29: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/29.jpg)
Recorded adjusting entry for uncollectible accounts expense.
Debit
Uncollectible Accts. Exp.
Credit
Allow. for Uncollectible Accts.
Note: all adjusting, closing and reversing entries are in the general journal.
![Page 30: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/30.jpg)
Recorded adjusting entry for estimated depreciation.
Debit
Depreciation Exp.
Credit
Accumulated Depreciation
![Page 31: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/31.jpg)
Recorded adjusting entry for increase to merchandise
inventory
Debit
Merchandise Inv.
Credit
Income Summary
![Page 32: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/32.jpg)
Recorded adjusting entry for Prepaid Insurance
Debit
Insurance Exp.
Credit
Prepaid Insurance
![Page 33: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/33.jpg)
Recorded adjusting entry for supplies.
Debit
Supplies Exp.
Credit
Supplies
![Page 34: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/34.jpg)
Recorded adjusting entry for accrued interest income.
Debit
Interest Receivable
Credit
Interest Income
![Page 35: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/35.jpg)
Recorded adjusting entry for accrued interest expense.
Debit
Interest Expense
Credit
Interest Payable
![Page 36: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/36.jpg)
Recorded adjusting entry for Federal Income Tax Expense
Debit
Federal Income Tax Expense
Credit
Federal Income Tax Payable
![Page 37: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/37.jpg)
Close the sales account.
Debit
Sales
Credit
Income Summary
![Page 38: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/38.jpg)
Close the purchases account.
Debit
Income Summary
Credit
Purchases
![Page 39: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/39.jpg)
Close the rent expense account.
Debit
Income Summary
Credit
Rent Expense
![Page 40: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/40.jpg)
Close purchases discount account.
Debit
Purchases Discount
Credit
Income Summary
![Page 41: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/41.jpg)
Close the sales returns and allowances account.
Debit
Income Summary
Credit
Sales Ret. & Allow.
![Page 42: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/42.jpg)
Close Income Summary for corporation (net income).
Debit
Income Summary
Credit
Retained Earnings
![Page 43: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/43.jpg)
Close dividends.
Debit
Retained
Earnings
Credit
Dividends
![Page 44: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/44.jpg)
Reversing entry for accrued interest expense.
Debit
Interest Payable
Credit
Interest Expense
![Page 45: Sold office equipment for cash and received book value Debit cash, Accum. depreciation Credit Office Equipment Cash Receipts Journal.](https://reader031.fdocuments.in/reader031/viewer/2022032518/56649cc95503460f949919b1/html5/thumbnails/45.jpg)
Reversing entry for accrued interest income.
Debit
Interest Income
Credit
Interest Receivable