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