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Accounting I Cheat Sheet by [deleted]

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Account normal balances

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Basic Equation

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Basic Equation

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Adjusted Trial Balance

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Adjusting Entries

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direct write-off method

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allowance method

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straig­ht-line formula

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Units-­of-­act­ivity deprec­iation
 

Terms

Fees Earned
Service Revenue
Common Stock
Capital Stock
FASB
Determine Accounting principles
Cost Principle
Record assets at their cost
Fair value principle
Price received to sell an asset or settle a liability
DEA
Debit to increase Dividends, expenses, and Assets
CLR
Credit to increase Capital stock, liabil­ities, revenues
Journa­lizing
Recording transa­ctions
ALORE
Assets, Liabil­ities, Owner’s Equity, Revenues, Expenses (Trial Balance order)
Accrua­l-basis accounting
Record transa­ctions that change a company's financial statements in the period they occur
Cash-basis accounting
Record revenue when they receive cash, not in accordance with GAAP
Revenu­e-r­eco­gnition principle
Recognize revenue in the accounting period in which the service is performed
Expens­e-r­eco­gnition principle (matching principle
expenses follow revenues, match expenses with revenues
Adjusted trial balance
trial balance - accumu­lated deprec­iation
FOB shipping
buyer pays
FOB destin­ation
seller pays
 

Transa­ctinons

Investment by stockh­olders
Dr Cash, Cr Common stock
Purchase of equipment for cash
Dr Equipment, Cr Cash
Purchase of supplies on account (credit
Dr Supplies, Cr Accounts payable
Services provided for cash
Dr Cash. Cr Revenue
Purchase of advert­ising on credit
Dr Advert­ising Expense, Cr Accounts payable
Services rendered for cash and credit
Dr Cash, Dr Accounts receiv­able, Cr Cash
Payment of expenses
Dr Expense, Cr Cash
Payment of Accounts payable
Dr Cash, Cr Accounts receivable
Receipt of cash on account
Dr Accounts payable, Cr Cash
Dividends
Dr Dividend, Cr Cash

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Interest

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Petty cash

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Petty cash2

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Deprec­iation

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Gain on sale
 

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Income Statement

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Retained earnings

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Closing entries

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Mercha­ndising entries

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New Accounts

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Loss on sale

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Loss on sale

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Double declin­ing­-ba­lance method

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