Business Administration 2257 Study Guide - Midterm Guide: Finance Lease, Operating Lease
10 Apr 2016
School
Department
Professor
Document Summary
2257 midterm 2 - cheat sheet (do not print, use as guide to make own) Amortizable assets- no separate account, do a credit to assets. Note: if fob shipping point and last order is in transit, use fifo or average cost for e/b amount of last order recieved. Then add order in transit to that amount to e/b raw materials. Cash dividends: only record on date of payment, dr cash and cr dividend revenue. Stock dividends and stock splits: no entry required, just change # of stocks. Sale: calculate cash received and bv, compare and look for gain/loss then record. Year-end: compare market value with bv for unrealized gain/loss. If disbursement amount for bond includes interest, must remove from t/i bond and put into interest revenues. Purchase: dr t/i bonds, cr cash (if from previous period, record accrued interest: dr interest receivable & cr t/i bond)
