A customer makes a payment on account. What would the journal entry look like?

A customer makes a payment on account. What would the journal entry look like?

Cash XXX Accounts Rec. XXX

What would the journal entry look like when a business buys equipment on account?

What would the journal entry look like when a business buys equipment on account?

Equipment XXX Accounts Payable XXX

What would the journal entry look like when a business pays for equipment purchased on account?

What would the journal entry look like when a business pays for equipment purchased on account?

Accounts Payable XXX Cash XXX

What would the journal entry look like when a business pays for equipment with cash?

What would the journal entry look like when a business pays for equipment purchased on account?

Equipment XXX Cash XXX

A business pays salaries of $50,000 on the first and 15th of each month. What would be the adjusting entry required on the 31st?

A business pays salaries of $50,000 on the first and 15th of each month. What would be the adjusting entry required on the 31st?

Salary Expense XXX Salary Payable XXX

A business uses a perpetual inventory method. What entry would be made to purchase inventory on account?

A business uses a perpetual inventory method. What entry would be made to purchase inventory on account?

Inventory XXX Accounts Payable XXX

A business uses a perpetual inventory method. What entry would be made to purchase inventory on account with terms of 2/10 net 30?

A business uses a perpetual inventory method. What entry would be made to pay inventory on account with terms of 2/10 net 30?Accounts Payable XXX Inventory XXX Cash XXX

How would you record a return of merchandise? (from customer to your business)

How would you record a return of merchandise? (from customer to your business)

Inventory XXX Accounts Receivable

XXX

How would you record a sale of $1000 inventory on account? Cost of goods sold is $600

How would you record a sale of $1000 inventory on account? Cost of goods sold is $600

Cost of Goods Sold XXX Inventory XXX

Accounts Receivable XXX Sales Revenue XXX

What entry would be made to establish a petty cash fund?

What entry would be made to establish a petty cash fund?

Petty Cash XXX Cash XXX

Petty Cash was established with $300. The current balance is $50.Office supplies $100Delivery Expense$144What is the entry to replenish that?

Petty Cash was established with $300. The current balance is $50.Office supplies $100Delivery Expense$144What is the entry to replenish that?

Office Supply Expense

100

Delivery Expense 144Cash Short/Over 6 Cash 250

What is the entry to record borrowing a 10% note payable. Borrowed amount is $10,000.

What is the entry to record borrowing a 10% note payable. Borrowed amount is $10,000.

Cash 10000

Notes Payable 10000

What is the entry for paying back a 10% note payable. Borrowed amount is $10,000.

What is the entry for paying back a 10% note payable. Borrowed amount is $10,000.

Notes Payable 10,000

Interest Payable 1,000 Cash 11,00

0

What is the entry for recording a dividend that was previously declared? The dividend is $.50 per share on 50,000 shares

What is the entry for recording a dividend that was previously declared? The dividend is $.50 per share on 50,000 shares

Dividends Payable 25,000

Cash 25,000

Furniture purchased for $20,000Accumulated Depreciation $17,000Sold for $3,500What is the journal entry for the sale of this furniture?

Furniture purchased for $20,000Accumulated Depreciation $17,000Sold for $3,500What is the journal entry for the sale of this furniture?

Accumulated Depreciation 17,000

Cash 3,500 Gain on Sale of furniture

500

Furniture 20,000