Business Administration 2257 Study Guide - Midterm Guide: Accounts Receivable, Common Stock, Bank Charge
10 Apr 2016
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Sales discount (only use if we are seller) Sales return & allowance (only use if we are seller) Amortizable assets- no separate account, do a credit to assets. Opening balance (taken from last period"s adjusted balance on bank reconciliation or last period"s statement of financial position) Adjust our balance for any items the bank added or subtracted which we did not know about: o o o o. Add or subtract from balance accordingly to get new adjusted. 2257 midterm 1 - cheat sheet (do not print, use as guide to make own) Debit cash (amount received) and debit sales discount (amount deducted) & credit ar (for full sale price) Sale discounts if sale was already recorded in ar (seller) Debit sales revenue & credit ar (or cash) Receive payment from sale: debit cash, credit ar. No payment received from sale- debit ar & credit sales revenue. Debit allowance for doubtful accounts & credit ar.
