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?
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