Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
22 Cards in this Set
- Front
- Back
Current asset classified |
Balance sheet one year |
|
When is bad debt recorded? |
When account was deemed worthless |
|
Journal entry for write off using direct write off |
Bad debt expense A/R |
|
Net realizable value of accounts receivables |
A/R - ADA |
|
Writing off customers account using allowance method? |
A/R ADA |
|
Account type For ADA |
Contra Asset Credit Balance |
|
Journal entry to record bad debt expense |
Bad debt expense ADA |
|
Identify journal entry to write off an account partial payment |
Cash ADA A/R |
|
Direct write off |
No allowance small businesses |
|
Allowance method |
Has allowance used by large companies |
|
Reinstate a direct account |
A/R BAD DEBT EXPENSE |
|
Reinstate an allowance account |
A/R ADA |
|
Identify the criteria for fixed asset |
Long lived Physical Company uses it |
|
Journal entry for discarding equipment that is fully depreciated |
Accumulated depreciation Equipment |
|
Entry to record disposal |
Accumulated depreciation Loss Equipment |
|
Journal entry to record depletion |
Depletion expense Accumulated depr |
|
Calculate amount of goodwill to amorize |
Not amoritized |
|
Correct intangible asset |
Goodwill |
|
Residual value |
Not in double declining |
|
Employees |
FICA Federal income tax |
|
Employers |
FICA FUTA (UNEMPLOYED) SUTA (UNEMPLOYED) |
|
Record employers payroll taxes |
Payroll expense FICA Unemployment |