Illustrative Entries

Click on the description for illustrative general journal entries!

ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS

ASSET SALE

BONDS ISSUED BETWEEN INTEREST DATES

BONDS PAYABLE AT A DISCOUNT

BONDS PAYABLE AT PAR

BONDS PAYABLE AT A PREMIUM

CASH DIVIDEND

CLOSING REVENUE, EXPENSE, AND DIVIDEND ACCOUNTS

COLLECT ACCOUNTS RECEIVABLE

COMPOUND ENTRY TO BUY ASSET FOR CASH AND NOTE

CURRENCY EXCHANGE GAIN/LOSSES

DEPRECIATION EXPENSE

DIVIDEND INCOME

EXPENSE (accrued)

EXPENSE (cash)

EXPENSE (on account)

FREIGHT

INVESTMENT IN AVAILABLE FOR SALE SECURITIES

INVESTMENT IN BONDS AT A DISCOUNT

INVESTMENT IN BONDS AT PAR

INVESTMENT IN BONDS AT A PREMIUM

INVESTMENTS – EQUITY METHOD

INVESTMENTS IN TRADING SECURITIES

ISSUE NO PAR COMMON (“CAPITAL”) STOCK

ISSUE PAR VALUE COMMON STOCK

ISSUE STATED VALUE COMMON STOCK

ISSUE PREFERRED STOCK

JOB COSTING (material, labor, overhead)

LOAN/NOTE PAYABLE (borrow, accrued interest, and repay)

NOTES PAYABLE ISSUED AT A DISCOUNT

NOTES RECEIVABLE

PAY ACCOUNTS PAYABLE

PAYROLL

PETTY CASH

PERPETUAL INVENTORY

PURCHASES AND PURCHASES RETURNS

PURCHASES WITH DISCOUNT (gross)

PURCHASES WITH DISCOUNT (net)

PREPAID EXPENSES (purchase and adjust)

RETIREMENT OF DEBT

REVENUE (accrued)

REVENUE (cash)

REVENUE (on account)

SALES AND SALES RETURNS

STOCK DIVIDEND (large)

STOCK DIVIDEND (small)

TREASURY STOCK PURCHASE

TREASURY STOCK REISSUANCE ABOVE COST

TREASURY STOCK REISSUANCE BELOW COST

UNEARNED REVENUE (collect and adjust)

VARIANCES RELATING TO DIRECT MATERIAL, DIRECT LABOR, AND FACTORY OVERHEAD

WARRANTY COSTS