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Received Cash from the owner as an investment

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Tags and Description

Accounting

20 Terms

1

Received Cash from the owner as an investment

Dr. Cash

Cr. Capital

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2

Received cash for sales

Dr. Cash

Cr. Sales

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3

Purchase supplies on account

Dr. Supplies

Cr. Accounts Payable

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4

Purchase merchandise on account (Periodic Inventory System)

Dr. Purchases

Cr. Accounts Payable

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5

Sold merchandise on account (Perpetual Inventory System)

Dr. Accounts Receivable

Cr. Sales

Dr. Cost of Good Sold

Cr. Inventory

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6

Sold merchandise on account (Periodic Inventory System)

Dr. Accounts Receivable

Cr. Sales

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7

The business owner withdrew cash from the business

Dr. Withdrawals

Cr. Cash

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8

Paid cash creditors on account

Dr. Accounts Payable

Cr. Cash

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9

Collected an account receivable in full

Dr. Cash

Cr. Accounts Receivable

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10

Paid cash for rent on building

Dr. Rent Expense

Cr. Cash

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11

Paid freight charges on merchandise received (Periodic Inventory System)

Dr. Freight-In

Cr. Cash

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12

Paid freight charges on merchandise received (Perpetual Inventory System)

Dr. Inventory

Cr. Cash

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13

Returned purchased merchandise on credit (Periodic Inventory System)

Dr. Accounts Payable

Cr. Purchases Returns and Allowances

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14

Purchased merchandise on credit, FOB shipping point, including freight costs (Periodic Inventory System)

Dr. Purchases, Freight-In

Cr. Accounts Payable

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15

Purchased merchandise on credit, FOB shipping point, including freight costs (Perpetual Inventory System)

Dr. Inventory

Cr. Accounts Payable

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16

Cash sales- Exclusive of VAT

Dr. Cash

Cr. Sales, Output Tax

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17

Sales on Account - Exclusive of VAT

Dr. Accounts Receivable

Cr. Sales, Output Tax

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18

Sales on Account - Inclusive of VAT

Dr. Accounts Receivable

Cr. Sales, Output Tax

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19

Purchases on Account - Inclusive of VAT

Dr. Purchases, Input Tax

Cr. Accounts Payable

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20

Cash Purchase - Exclusive of VAT

Dr. Purchases, Input Tax

Cr. Cash

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