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

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Presentation transcript:

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

CashXXX Accounts Rec.XXX

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

EquipmentXXX Accounts PayableXXX

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

Accounts PayableXXX CashXXX

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? EquipmentXXX CashXXX

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

Salary ExpenseXXX Salary PayableXXX

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

InventoryXXX Accounts PayableXXX

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 PayableXXX InventoryXXX CashXXX

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

InventoryXXX Accounts ReceivableXXX

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

Cost of Goods SoldXXX InventoryXXX Accounts ReceivableXXX Sales RevenueXXX

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

Petty CashXXX CashXXX

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

Office Supply Expense100 Delivery Expense144 Cash Short/Over 6 Cash250

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

Cash10000 Notes Payable10000

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

Notes Payable10,000 Interest Payable1,000 Cash11,000

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

Dividends Payable25,000 Cash25,000

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

Accumulated Depreciation17,000 Cash3,500 Gain on Sale of furniture500 Furniture20,000

16. What is the entry to record owner withdrawal?

Name, CapitalXXX CashXXX

17. What is the entry to record purchasing a building with some cash down and signing a note for the remainder amount?

BuildingXXX CashXXX Note PayableXXX

17. What is the entry to record the receipt of rent in advance?

CashXXX Prepaid RentXXX

18. What is the adjusting entry for supplies?

Supplies ExpenseXXX SuppliesXXX

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?

CashXXX Common StockXXX

20. What is the entry for purchasing treasury stock?

Treasury stockXXX CashXXX