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