Business Administration 2257 Study Guide - Midterm Guide: Accrual, Deferred Income, List Of The Shield Episodes

• School: Western University
• Department: Business Administration
• Course: Business Administration 2257
• Professor: Shannon Wright

Document Summary

C1a (dr: rev acc. with credit bal, cr: income sum. ) C1b (dr: income sum, cr: rev acc with debit bal. ) C2a (dr: income sum, cr: x accounts with credit bal. ) C2b (dr: x accounts with debit, cr: income sum) C3 t/b income summary; calculate/record taxes (dr: inctax expense, cr inctax payable) *seller: sales revenue, sales discounts, sales returns & allowances (r&a) Entry to record total sales (dr. cash, dr. a/r, cr. When balance is collected in time for discount (dr. cash, dr. Allowance (seller decides to grant deduction from selling price) (dr. Gross sales -> gross credit & cash sales. Gross credit sales - discounts, returns & allowances = net credit sales. Gross cash sales - discounts returns & allowances = net cash sales. Ul= years of useful life n= months asset was present. Bv x 1/ul x n/12 (for last year dep = bv-rv) M u st no st r v onl y dep.