Blank Cost Accounting Templates
Blank Cost Accounting Templates 2070-A1511
Oakland Community College
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This 14 page Bundle was uploaded by Emily Strzelecki on Saturday September 24, 2016. The Bundle belongs to 2070-A1511 at Oakland Community College taught by TBA in Summer 2016. Since its upload, it has received 64 views. For similar materials see Cost Accounting in Accounting at Oakland Community College.
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Date Created: 09/24/16
Company Name _________________________________ Worksheet Period Ending ___________________________________ Description Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit General Journal Page _____ Ref Date Account Titles & Explanation . Debits Credits General Ledger: T Accounts Journal Enteries DR/C Account Explaination R Prepaid Expense- Cash First Prepaid Expense DR Pay cash, Record Asset Cash CR Expense DR Record as expense, Prepaid Expense CR Decrease Asset Cash DR Record cash, record Unearned Revenue CR unearned revenues Unearned Revenue DR Record Revenue, decrease Revenues CR unearned revenue Accruals- Cash Later Expense DR Accrue Expense and Payable Payable CR Payable DR Pay cash, decrease payable Cash CR Receivable DR Accrue revenue and Revenues CR receivable Cash DR Receive cash, decrease Receivable CR receivable Closing Proccess Revenue Accounts DR To close revenues Retained Earnings CR Retained Earnings DR To close expenses Expense Accounts CR Retained Earnings DR Dividends CR To close dividends Rent Expense DR Prepaid rent expired Prepaid Rent CR Supplies Expense DR Supplies used Supplies CR Depreciation Expense DR To record depreciation Accumlated Depreciation CR Salary Expense DR Salary Payable CR Accrue salary Accounts Receivable DR Accrue service revenue Service Revenue CR Unearned Service Revenue DR Unearned service revenue Service Revenue CR Income Tax Expense DR Income Tax Payable CR Accrue Income Tax Expense Income Tax Payable DR To pay income tax Cash CR Investments Investment in Trading Securities DR Cash CR Purchase investment Cash DR Received cash dividends Dividend Revenue CR Cash DR Sales discount for early Sales Discount DR payment Accounts Receivable CR Sales Return and Allowances DR Items returned to retailer Accounts Receivable CR Uncollectable Accounts Uncollectable Accounts Expense DR Percent of sales method (Income Statement Allowance for Uncollectable AccounCR Approach) Uncollectable Account Expense DR Aging of receivable method Allowance for Uncollectable AccounCR (Balance Sheet Approach) Uncollectable Accunts Expense DR Direct Write-Off Method Accounts Receivable CR Accounts Receivable DR Record revenue on account Sales (Service) Revenue CR Cash DR Record collection of cash on account Accounts Receivable CR Loans and Interest Notes Receivable DR Made a Loan Cash CR Interest Receivable DR Interest Revenue CR Accrued interest Cash DR Credit Card Discount Expense DR Credit card/Bank card sales Sales Revenue CR Cash DR Selling (Factoring) Financing Expense DR Receivables Accounts Receivable CR Perpetual Inventory Transactions Inventory DR Purchased inventory on account Account Payable CR Accounts Receivable DR Sales Revenue CR Sold inventory on account COGS DR To record cost of goods sold Inventory CR (COGS) Account Payable DR To record purchase return Inventory CR Inventory DR To record purchase of merchandise Accounts Payable CR Accounts Payable DR Inventory ($$$ X Disc %= $$) CR To record payment within discount period Cash CR COGS DR Wrote inventory down to Inventory CR market value Purchase of Assets Land DR Notes Payable CR To record the purchase of land on account Cash CR Land DR To record the purchase of Building DR land and building with cash Cash CR Depreciation of Assets Straight-line Depreciation Depreciation Expense-(Name) DR Method and Units-of- Accumlated Depreciation- (Name) CR Production Method Accumlated Depreciation- (Name) DR To record the disposing of a fully depreciated asset with (Name) Account CR no proceeds Accumlated Depreciation- (Name) DR To record the disposing of a Loss on Disposal- (Name) DR fully depreciated asset with no proceeds (Name) Account CR Depreciation Expense DR Recording the partial year Accumlated Depreciation- (Name) CR amount of depreciation Cash DR Depreciation Expense-(Name) DR To record the Sale of Plant (Name) Account CR Asset Gain on Sale of (Name) Account CR Delivery (New) DR Accumlated Depreciation (Old) DR To record the Exchange of Delivery (Old) CR Plant Asset Cash CR Gain on Exchange of Plant Asset CR Accounting for Natural Resources Natural Resource-(Name) DR To show the retaining of Cash CR some of the inventory Natural Resource Inventory DR Natural Resource-(Name) CR To record the depletion rate COGS- Natural Resource-(Name) DR on natural resource Natural Resource Inventory CR Patents DR To record the acquisition and Cash CR amortization for patent Amortization Expense-(Name) DR To record expense Patents CR Impairment Loss DR To record the long-term Long-term Asset CR asset impairment Held-To-Maturity Investment Held-To-Maturity Investment DR To purchase bond Cash CR investment Cash ($$ X Rate % X #/12) DR To receive semiannual interest Interest Revenue CR Held-To-Maturity Investment DR Amortize discount on bond Interest Revenue CR investment Interest Receivable DR Interest Revenue CR Held-To-Maturity Investment DR Year End Adjustment Interest Revenue CR Available-For-Sale-Securities Investment in AFSS DR Purchase of Investment Cash CR Cash DR Dividend Revenue CR Received cash dividends Allowance to Adj. Investment AFSS to Market DR Unrealized Gain on Investment in Fair Value Adjustment AFSS CR Unrealized Gain on Investment in AFSS DR Eliminate unrealized gain on Allowance to Adj. Investment AFSS AFSS sold to Market CR Cash DR Sold investment Loss on Sale Investment in AFSS DR Investment in AFSS CR Equity-Method Investments Equity-Method Investment DR Purchase of Investment Cash CR Equity-Method Investment DR To report Net Income Equity-Method Investment Revenue CR Cash DR To record payment of dividends Equity-Method Investment CR Cash DR Loss on Sale Equity-Method Investment DR Sale of common stock Equity-Method Investment CR Short-Term Notes Payable Inventory DR Purchase inventory issuing a Note Payable, short-term CR note Interest Expense DR Accrual of interest expense at year end Interest Payable CR Note Payable, short-term DR Interest Payable DR Payment of note payable Interest Expense DR and interest Cash CR Accounts Payable Cash DR Record cash sales and Sales Revenue CR Sales Tax Payable CR related sales tax Salary Expense DR Employee Income Tax Payable CR FICA Tax Payable CR To record salary expense Salary Payable CR Unearned Revenue Cash DR Received subscription fees in Unearned subscription Revenue CR advance Sales Tax Payable CR Sales Tax Payable DR Remitted Sales tax Cash CR Unearned subscription Revenue DR To record earned revenue Subscription Revenue CR Estimated Warranty Payable Warranty Expense DR To accrue warranty expense Estimated Warranty Payable CR Estimated Warranty Payable DR To replace defective Inventory CR products Bonds Payable at Par (Face Value) Cash DR To issue bond at par Bond Payable CR Interest Expense DR Cash CR To pay semiannual interest Interest Expense DR To accrue semmiannual Interest Payable CR interest Interest Payable DR To pay semiannual interest Cash CR Bond Payable DR Cash CR To pay bond at maturity Bond Payable at a Discount Cash DR Discount on Bond Payable DR To issue bond at a discount Bond Payable CR Interest Expense DR To record interest expense Discount on Bond Payable CR Cash CR Interest Expense DR Discount on Bond Payable CR To accrue interest expense Interest Payable CR Interest Expense ($$ X %/Months) DR Accural of partial period Discount on Bond Payable CR interest expense Interest Payable CR Bond Payable at Premium Cash DR Bond Payable CR To issue bond at premium Premium on Bond Payable CR Amortization Methods- Bonds Interest Expense DR Straight-line amortization Discount on Bond Payable CR method Cash CR Convertible Notes Payable DR Common Stock CR Conversion of bonds to stock Paid-in-Capital in Excess of Par CR Issuance of Stock Cash DR To issue common stock above par and to issuse no- Common Stock CR par common stock Cash DR Common Stock CR To issue common stock Paid-in-Capital CR above par Equipment DR Building DR Common Stock CR Paid-in-Capital in Excess of Par- To issue common stock for Common CR assets (other than cash) Legal Expense DR Common Stock CR Paid-in-Capital in Excess of Par- To issue common stock for Common CR services Preferred Stock Cash DR To issue convertible Convertible Preferred Stock CR preferred stock Convertible Preferred Stock DR Common Stock CR Paid-in-Capital in Excess of Par- Conversion of preferred Common CR stock into common stock Treasury Stock Treasury Stock DR Recorded at cost, no par Cash CR value Cash DR Treasury Stock CR Paid-in-Capital from Treasury StockR Transactions Sold Treasury Stock. Issuance of Stock for Employee Compensation Compensation Expense DR Common Stock CR Record stock based Paid-in-Capital CR transaction Cash Dividends Retained Earnings DR Dividends Payable CR Declared a cash dividend Dividends Payable DR Cash CR Paid cash dividend Retained Earnings DR Declared dividends on Dividends Payable, Preferred CR preferred stock Dividends Payable, Common CR Materials Raw Materials Inventory DR Purchase of Raw material, Accounts Payable CR accumlated in RM To record materials used, WIP Inventory (direct materials) DR MOH(indirect materials) DR DM assigned to WIP, Indirect Materials Raw Materials Inventory CR accumulated in MOH. WIP Inventory (direct materials) DR To record Labor, DL MOH(indirect materials) DR assinged to WIP, indirect Wages Payable CR labor accumlated in MOH. Actual Overhead Cost Incurred Manufacturing Overhead DR Overhead incurred, costs Accumlated Depreciation CR accumulated in MOH. Manufacturing Overhead DR Overhead incurred, costs Prepaid Insurance CR accumulated in MOH. Manufacturing Overhead DR Overhead incurred, costs Property Taxes Payable CR accumulated in MOH. WIP Inventory DR Manufacturing Overhead CR Overhead allocated to WIP Finished Goods Inventory DR Jobs completed, costs WIP Inventory CR assigned to FG. Accounts Receivable DR Jobs sold, entry reflects Sales Revenue CR sales price, not costs COGS DR MOH adjusted for Finished Goods Inventory CR underallocated Overhead. COGS DR Manufacturing Overhead CR Adj. MOH
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