Colour coded cheat sheet for 1st Midterm

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Western University
Business Administration
Business Administration 2257
Greg Critchley

3 Bank Service Charges Beginning InventoryBank charges expense 100 Purchases Cash100Purchase DiscountDuty4 Debitcredit card expense if applicable FreightInDebit card expense 100 x 2020 Purchase Return and Allowances Cash80 Sales 100 COGAFSCOGS PLUG Bank Rec Steps Ending InventoryOpening balance taken from last adjusted balance on bank rec1 Go to last months bank rec ensure outstanding cheques and late Purchase Discounts deposits are listed Circle ones that arent Accounts Payable 100 2 Go to cash disbursement list cheques register and check off each checkInventory discountsee above20 as it appears 3 Go to cheques receipts list bank deposits check off each deposit as itCash80 appears in the bank4 Go to bank statement and circle items not checked off Purchase ReturnsAllowancesAccounts Payable or Cash 100NRV of AR EB Accounts receivable minus EB A4DANet Realizable ValueInventory 100 Sales and Accounts Receivables Merchandise Inventory Aging of accounts receivable PeriodicSpecific Identification value everything at their unique market value price ending balance in A4DAending balance in AR xestimated uncollectableFIFO Oldest inventory is sold first and EB is valued at most recent price if youBad debt expenseTB in A4DAEB A4DA calculated PLUGhave a whole order then you take the full amount owing and half orders you treat Journal entry like weighted averages Bad debt expense100Average Cost COGAFSUAFS total units available for sale x EB in UnitsA4DA 100 LCNRV Rule record inventory at lower of cost vs net realizable valueDepreciation Notes ReceivableStraight line and units of production do not depreciate past its useful life Diminishing balance cannot depreciate beyond its estimated residual value Creation of Note DR Notes Receivable and CR cash or Accounts ReceivableOnce an asset is fully depreciated BV should equal RV Interest Accrual Only at fiscal yearend Straight Line DepreciationIf fiscal period ends before the maturity date of the Note w
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