Finance

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8 Terms

1
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Situation: Buy Inventory on account

Debit Inventory

Credit Accounts Payable

2
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Situation: Return Inventory to Supplier

Debit Accounts Payable

Credit Inventory

3
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Situation: Sell merchandise on account

Debit Acounts Recievable

Credit Sales Revenue

4
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Situation: Customer Returns Merch

Debit Sales Return

Credit Accounts Recievable

5
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Situation: Estimate Bad Debts

Debit Bad Debit Expense

Credit Allowance for Doubtful Account

6
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Situation: Earn Interest, Not Paid Yet

Debit Interest Recievable

Credit Interest Revenue

7
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Situation: Record Depreciation

Debit Depreciation Expense

Credit Accumulated Depreciation

8
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Situation: Inventory Shrinks

Debit Cost of Goods Sold

Credit Inventory