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ACCT4 Chp 3
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Stockholders' equity (ex. Retained Earnings, Dividends) accounts are increased with a _______ and decreased with a _______.
credit, debit
Contra-asset (ex. Accumulated Depreciation) accounts are increased with a _______ and decreased with a _______.
credit, debit
Revenue (ex. Sales) accounts are increased with a _______ and decreased with a _______.
credit, debit
Expense (ex. Salaries Expense) accounts are increased with a _______ and decreased with a _______.
debit, credit
Liability (ex. A/P, Salaries & Wages Payable) accounts are increased with a _______ and decreased with a _______.
credit, debit
Asset (ex. inventory) accounts are increased with a _______ and decreased with a _______.
debit, credit
What is the journal entry to record the cost of goods that have been sold?
 
Db COGS, Cr FG
 
Db FG, Cr COGS
 
Db COGS, Cr Sales
 
Db Sales, Cr COGS
What is the journal entry to record the sale (the revenue) of goods?
 
Db A/R (or Cash), Cr Sales
 
Db Sales, Cr A/R (or Cash)
 
Db A/R (or Cash), Cr COGS
 
Db COGS, Db A/R (or Cash)
What is the journal entry to record the cost of goods that have been finished (cost of goods manufactured)?
 
Db FG, Cr WIP
 
Db WIP, Cr FG
 
Db COGS, Cr FG
 
Cb FG, Cr COGS
What is the journal entry to record the incurrence of selling and administrative/general costs (SAG)?
 
Db Advertising Expense and Other SAG Expense, Cr A/P (/Cash)
 
Db A/P (/Cash), Cr Advertising Expense and Other SAG Expense
 
Db Advertising Expense and Other SAG Expense, Cr MOH
 
Db MOH, Cr Advertising Expense and Other SAG Expense
What is the journal entry to record the recognition accumulated depreciation on non-manufacturing equipment and/or buildings?
 
Db Depreciation Expense, Cr Accumulated Depreciation
 
Db Accumulated Depreciation, Cr Depreciation Expense
 
Db MOH, Cr Accumulated Depreciation
 
Db Accumulated Depreciation, Cr MOH
What is the journal entry to record the incurrence of non-manufacturing salaries and wages expenses?
 
Db Salaries Expense, Cr Salaries & Wages Payable
 
Db Salaries & Wages Payable, Cr Salaries Expense
 
Db Salaries Expense, Cr MOH
 
Db Salaries & Wages Payable, Cr MOH
What is the journal entry to record manufacturing overhead application (applied MOH) to a job?
 
Db WIP, Cr MOH
 
Db MOH, Cr WIP
 
Db FG, Cr MOH
 
Db MOH, Cr FG
What is the journal entry to record the recognition accumulated depreciation on manufacturing equipment and/or buildings?
 
Db MOH, Cr Accumulated Depreciation
 
Db Accumulated Depreciation, Cr MOH
 
Db Depreciation Expense, Cr Accumulated Depreciation
 
Db Accumulated Depreciation, Cr A/P
What is the journal entry to record the recognition of property taxes to be paid and prepaid insurance that has expired?
 
Db MOH, Cr Property Taxes Payable and Prepaid Insurance
 
Db Property Taxes Payable and Prepaid Insurance, Cr MOH
 
Db WIP, Cr Property Taxes Payable and Prepaid Insurance
 
Db Property Taxes Payable and Prepaid Insurance, Cr WIP
What is the journal entry to record the incurrence of miscellaneous indirect manufacturing costs (ex. factory utilities)?
 
Db MOH, Cr A/P (or Cash)
 
Db A/P (or Cash), Cr MOH
 
Db WIP, Cr A/P (or Cash)
 
Db A/P (or Cash), Cr WIP
What is the journal entry to record the incurrence of direct and indirect labor?
 
Db WIP (direct), MOH (indirect), Cr Salaries & Wages Payable
 
Db Salaries & Wages Payable, Cr WIP (direct), MOH (indirect)
 
Db Salaries & Wages Payable, Cr Salaries & Wages Expense
 
Db Salaries & Wages Expense, Cr Salaries & Wages Payable
What is the journal entry to record the issue of direct and indirect materials?
 
Db WIP (direct) and MOH (indirect), Cr RM
 
Db RM, Cr WIP (direct) and MOH (indirect)
 
Db WIP (indirect) and MOH (direct), Cr RM
 
Db RM, Cr WIP (indirect) and MOH (direct)
What is the journal entry to record the purchase of raw materials?
 
Db RM, Cr A/P (or Cash)
 
Db A/P (or Cash), Cr RM
 
Db WIP, Cr A/P (or Cash)
 
Db A/P (or Cash), Cr WIP


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