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Business Administration
Business Administration 2257

Daniel Welch. 250696913. Business 2257, Oct 2013 Depreciation: Bank Rec Procedures Strait line= cost-sv/life x months 1. outstanding deposits, 2. Outstanding cheques 3. Bank Declining balance= BV/life x months errors. Adjusted our balance: 1. Receivables collected from DDB=bv x 2/life x months back for us. 2. Service charges 3. Nsf cheques. Unit output= cost-sv/life x units used Mortgage : Dr mortgage payable, intrest | Cr Cash Interest= value x rate x term Original Adjusting Prepaid expense Dr asset Acct Cr Cash Dr exp acct cr asset acct Unearned revn Dr Cash Cr Liability acct Dr Liablity acct Cr Revn Accrued revn n/a Dr asst Cr Revn acct Accrued exp n/a Dr exp acct Cr Liabiliti acct FOB shipping . Buys once shipped Repairs Dr repr exp Cr cash FOB destination Buys once recved Consigned goods Sellers till sold Goods on approval Sellers till sold Closing entries 1. Dbt each revenue account and cr “income summery” 2. Debit income summery for total expense and credit each expense account 3. debit income summery for balance in the account credit retained earning (+$) 4. debit retained earnings and credit dividend (I dividends are given) Extra ordinary repairs: 1. Amortize asses up to repair date 2.Dr asset Cr cash (for repair) 3.calculate new HC…..NHC = (HC-amort) +repair cost 4.calc life. 5. Amortize Disposal or sale of asst: 1. Amoetize asset up to point of trade, sale, etc. 2. Calculate value 3. Calculate gain/loss (if tradein.. Trd in allowance) 4. Record transaction: Tradein dr AA old asset to 0. Dr Loss (if applicable) Dr new asset Cr Cash, Cr old asset, Cr Gain. Disposal/sale:Dr A/A asset to zero, Dr loss (if applicable
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