Business Administration 2257 Study Guide - Midterm Guide: Bank Reconciliation, Arkansas Highway 5, Retained Earnings

• School: Western University
• Department: Business Administration
• Course: Business Administration 2257
• Professor: Alexander Miller

Document Summary

Find sales revenue, which is cash and which is a/r. Recovery is opposite of write off, then dr cash, cr ar. Cr: old asset, cash paid, gain on trade in. Impairment dr impairment loss cr a/d asset. Bank reconciliation: look at company records before adjusted for adjusting entries. Always be aware of what you must pay or collect that are hidden. Bank loan and cp of bank loan payments. Sales sales d & r: net sales. Includes: salaries, depreciation, supplies, bad debt, service charges: other revenue. Includes: interest, gain on trade in: other expenses. Interest, loss on trade in: net income b4 tax -> less: tax. C1: close revenue and contra revenues and put in. C3: rev - exp = nib4tax x tax rate. C4: close tax expense and put in income summary.