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 purchase 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 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 144

Cash 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 11,000

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