What is JE for Payment of Phone Bill Posted Earlier
A/P Dr Cash CR
300
What is Purchase of Asset Inventory Items
DEBIT
300
What is Cost of Goods Sold
EXPENSE
300
What is GST on $5000 Sales
What is $250
300
What is Calculation for Owner Equity
Begin Capital + Additional Invest - Withdraw + NI = Closing Capital
300
What is Purchase Goods to Sell, will pay later JE
Inventory DR A/P Cr
400
What is Purchase Discount
CREDIT Expense
400
What is Accumulated Amortization
Contra ASSET
400
What is Net Asset Amount of Vehicle $10,000 with 10% per year after 2 years
$8100
400
What is Calculation for Inventory on some I/S
Begin Inv + Purchase = Available - End Inv = COGS
400
What is JE Sell Goods in Inventory with gst using Perpetual and customer pays later
Dr A/R DR COGS CR Inventory CR Sales CR GST on sales
500
What is Sales Return
DEBIT to Revenue using Sales Return Account
500
What is Owner Withdraw
EQUITY
500
What is Discount 2/10 on Sale $9835, plus non discount sale of $4500
$196.70 + $4500
500
What is bringing Income Statement Net Income into Equity section of Balance Sheet
What is the final step in the Balance Sheet
500
What is Great about Tatiana, Miranda, Sonja, Val and Corrie...
You worked hard, you were open to change and variations, you listened and you showed initiative and a huge endeavor to better your skills
CONGRATULATIONs !!