1. a customer makes a payment on account. what would the journal entry look like?
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1. A customer makes a payment on account. What would the journal entry look like?. 1. A customer makes a payment on account. What would the journal entry look like?. 2. What would the journal entry look like when a business buys equipment on account?. - PowerPoint PPT PresentationTRANSCRIPT
1. A customer makes a payment on account. What would the journal entry look like?
1. A customer makes a payment on account. What would the journal entry look like?
Cash XXX Accounts Rec. XXX
2. What would the journal entry look like when a business buys equipment on account?
2. What would the journal entry look like when a business buys equipment on account?
Equipment XXX Accounts Payable XXX
3. What would the journal entry look like when a business pays for equipment purchased on account?
3. What would the journal entry look like when a business pays for equipment purchased on account?
Accounts Payable XXX Cash XXX
4. What would the journal entry look like when a business pays for equipment with cash?
4. What would the journal entry look like when a business pays for equipment purchased on account?
Equipment XXX Cash XXX
5. 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?
5. 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
6. A business uses a perpetual inventory method. What entry would be made to purchase inventory on account?
6. A business uses a perpetual inventory method. What entry would be made to purchase inventory on account?
Inventory XXX Accounts Payable XXX
7. A business uses a perpetual inventory method. What entry would be made to pay for inventory on account with terms of 2/10 net 30?
7. A business uses a perpetual inventory method. What entry would be made to pay for inventory on account with terms of 2/10 net 30?
Accounts Payable XXX Inventory XXX Cash XXX
8. How would you record a return of merchandise? (from customer to your business)
8. How would you record a return of merchandise? (from customer to your business)
Inventory XXX Accounts Receivable
XXX
9. How would you record a sale of $1000 inventory on account? Cost of goods sold is $600
9. 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
10. What entry would be made to establish a petty cash fund?
10. What entry would be made to establish a petty cash fund?
Petty Cash XXX Cash XXX
11. Petty Cash was established with $300. The current balance is $50.Office supplies $100Delivery Expense$144What is the entry to replenish that?
11. 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
12. What is the entry to record borrowing a 10% note payable. Borrowed amount is $10,000.
12. What is the entry to record borrowing a 10% note payable. Borrowed amount is $10,000.
Cash 10000
Notes Payable 10000
13. What is the entry for paying back a 10% note payable. Borrowed amount is $10,000.
13. 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
14. What is the entry for recording a dividend that was previously declared? The dividend is $.50 per share on 50,000 shares
14. 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
15. Furniture purchased for $20,000Accumulated Depreciation $17,000Sold for $3,500What is the journal entry for the sale of this furniture?
15. 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
16. What is the entry to record owner withdrawal?
16. What is the entry to record owner withdrawal?
Name, Capital XXX Cash XXX
17. What is the entry to record purchasing a building with some cash down and signing a note for the remainder amount?
17. What is the entry to record purchasing a building with some cash down and signing a note for the remainder amount?
Building XXX Cash XXX Note Payable XXX
17. What is the entry to record the receipt of rent in advance?
17. What is the entry to record the receipt of rent in advance?
Cash XXX Prepaid Rent XXX
18. What is the adjusting entry for supplies?
18. What is the adjusting entry for supplies?
Supplies Expense XXX Supplies XXX
19. What is the adjusting entry for prepaid expenses used up?
19. What is the adjusting entry for prepaid expenses used up?
Rent expense (Insurance expense, etc.)
XXX
Prepaid rent/ insurance/ etc
XXX
19. What is the entry for issuing common stock for cash?
19. What is the entry for issuing common stock for cash?
Cash XXX Common Stock XXX
20. What is the entry for purchasing treasury stock?
20. What is the entry for purchasing treasury stock?
Treasury stock XXX Cash XXX