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?

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