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Cash and receivables
? Bank reconciliation – JE 總結(jié)
1. Bank collections:
Dr: Cash
Cr: AR/sales revenue/service revenue (取決于具體題目)
2. EFT receipts:
Dr: Cash
Cr: AR/sales revenue/service revenue (取決于具體題目, 與 bank collection 很像)
3. Interest income(revenue)
Dr: Cash
Cr: Interest income/revenue
4. EFT payments – 通常是一些 operating expense
Dr: Expense (取決于具體 expense)
Cr: Cash
5. Service charges:
Dr: Service charge expense/bank charge expense
Cr: Cash
6. NSF cheques:
Dr: Accounts receivable
Cr: cash
7. Book s – 具體情況具體討論，無法套用，請仔細讀題。
? Record receivables
1. AR:
Dr: AR
Cr Sales/Service revenue
2. Note receivable
Dr: Note receivables
Cr: Cash/Revenue/AR
? Allowance
1. Record uncollectible account expense
Dr Uncollectible-account expense
Cr Allowance for uncollectible Accounts
2. Write off uncollectible accounts
Dr Allowance for Uncollectible Accounts
Cr Accounts Receivable – Customer A
Cr Accounts Receivable – Customer B
3. Recovery:
I.
Reinstate the AR:
Dr Accounts receivable
Cr Allowance for uncollectible accounts
II.
Record the collection of cash:
Dr Cash
Cr Accounts receivable
? Note receivables
1. Record:
Dr: Note receivables
Cr: Cash/Revenue/AR
2. Accrue interest at year end
Dr: Interest receivables
Cr: interest revenue
3. Maturity
Dr: Cash
Cr: Note receivables
Cr: Interest receivable
Cr: Interest revenue
? How to speed up cash flow
1. Credit card sales (允許客戶用信用卡付款)
Dr: Cash
Dr: Financing expense ( of revenue 作為手續(xù)費)
Cr: Sales revenue
2. Debit card sales (允許客戶用借記卡付款)
Dr: Cash
Dr: Interac fee (fee)
Cr: Sales revenue
3. Sell receivables to another business (把 receivables 賣給別的公司)
Dr: Cash
Dr: Financing expense
Cr: Accounts receivables/note receivables
Inventory and cost of goods sold
Journal Entry
? Closing entries to record COGS – Periodic method
Dr: COGS
Dr: Inventory, ending
Dr: Purchase allowance
Dr: Purchase returns
Dr: Purchase discount
Cr: Purchases
Cr: Freight-in
Cr: Inventory, beginning
? Other entries – related to sales
1. Record sales return
Dr: Sales return
Cr: AR
Dr: Inventory
Cr: COGS
? Inventory write off (if NRV < Cost)
Dr: COGS
Cr: Inventory
PPE and intangible assets
? Record assets
Dr: PPE
Cr: Cash/Note payable
? Record depreciation expense
Dr: Depreciation expense
Cr: Accumulated depreciation
? Record disposal of PPE
Dr: Accumulated depreciation
Dr: Loss on disposal
Cr: PPE
? 如果是 sale of PPE → 計算 Gain/Loss on sale of PPE = Sales proceeds – carrying amount
? Record impairment loss
Dr: Loss on impairment
Cr: Accumulated depreciation
? Revaluation model: write up asset
Dr: PPE
Cr: Revaluation surplus
? Intangible assets – amortization expense
Dr: amortization expense
Cr: Accumulated amortization
? Intangible assets – goodwill
Dr: Assets FV of assets
Dr: Goodwill GW = Purchase price – (FV of assets – FV of liabilities)
Cr: Liabilities FV of liabilities
Cr: Cash Purchase price
liabilities
? Estimated Warranty Payable
Dr: Estimated warranty expense
Cr: Estimated warranty payable
Shareholders’ equity
? Issuance of common shares/preferred shares
Dr: Cash/PPE/Intangible assets
Cr: Common/Preferred shares
? Declaration of Cash dividend
Dr: Retained earnings
Cr: Dividend payable
Payment of cash dividend
Dr: Dividend payable
Cr: Cash
? Declaration of stock dividend
Dr: Retained earnings
Cr: Stock Dividends Distributable
Distribution of stock dividend
Dr: Stock Dividends Distributable
Cr: Cash
? Share repurchase
1. Repurchase price > share cost
Dr: Common shares
Dr: Retained earning
Cr: Cash
2. Repurchase price < Share cost
Dr: common shares
Cr: cash
Cr: contributed surplus