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Purchased merchandise for cash. PowerPoint Presentation
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Purchased merchandise for cash.

Purchased merchandise for cash.

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Purchased merchandise for cash.

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  1. Debit Purchases Credit Cash Purchased merchandise for cash.

  2. Debit Purchases Credit Acct. Pay. & Bob Bennet Purchased merchandise from Accounts Payable-Bob Bennet

  3. Debit Acct. Pay. & Bob Bennett Credit Cash Paid cash on account to Bob Bennett; no discount

  4. Paid cash on account to Bob Bennett less purchase discount Debit Acct. Pay. and Bob Bennett Credit Cash Purchase Discount

  5. Returned merchandise on account to Bob Bennett Debit Acct. Pay. and Bob Bennett Credit Purchases Returns & Allowances

  6. Debit Cash Credit Sales, Sales tax payable Recorded cash and credit card sales plus sales tax.

  7. Debit Acct. Rec. & Ann Adams Credit Sales Sales Tax Payable Sold merchandise on account to Ann Adams plus tax

  8. Debit Cash Credit Acct. Rec. & Gina Gates Received cash on account from Accounts Receivable-Gina Gates; no discount

  9. Received cash from Ann Adams less sales discount Debit Cash Sales Discount Credit Acct. Rec. and Ann Adams

  10. Granted credit to Ann Adams for merchandise returned plus tax Credit Credit Acct. Rec. and Ann Adams Debit Sales Ret. & Allow. Sales Tax Payable

  11. Debit Supplies Credit Cash Paid cash for supplies.

  12. Debit Supplies Credit Acct. Pay. & Connie Conley Bought supplies on account from Connie Conley

  13. Debit Sam Smith, Drawing Credit Cash Paid cash to Sam Smith, owner, personal use.

  14. Debit Sam Smith, Drawing Credit Purchases Sam Smith, owner, withdrew merchandise for personal use.

  15. Debit Sales Tax Payable Credit Cash Paid cash for sales tax owed.

  16. Debit Prepaid Insurance Credit Cash Paid cash for the insurance premium.

  17. Debit Cash Credit Sam Smith, Capital Received cash from Sam Smith, owner, as an investment.

  18. Debit Petty Cash Credit Cash Paid cash to establish a petty cash fund.

  19. Debit Supplies Advertising Exp. Cash Short and Over Credit Cash Paid cash to replenish petty cash: supplies, advertising expense, cash is short.

  20. Debit Rent Expense Credit Cash Paid cash for rent.

  21. Debit Supplies Expense Credit Supplies Record the adjusting entry for Supplies

  22. Debit Insurance Exp. Credit Prepaid Insurance Recorded adjusting entry for Prepaid Insurance

  23. Debit Sales Credit Income Summary Close the sales account.

  24. Debit Income Summary Credit Rent Expense Close the rent expense account.

  25. Debit Income Summary Credit Owner, Capital Close income summary (net income balance).

  26. Debit Owner, Capital Credit Income Summary Close income summary (net loss balance).

  27. Debit Owner, Capital Credit Owner, Drawing Close the drawing account.