ACCT Journal entry practice
dr. cash 50,000 cr. ltnp 50,000
a company borrows $50,000 from its bank, signing a long-term note payable
dr. cash 50,000 cr. notes payable 50,000
a company borrows $50,000 from its bank, signing a long-term note payable
dr. wages expense cr. cash
a company pays its employees for wages due earned in this month
dr. dividends 10,000 cr. cash 10,000
a company pays shareholders a dividend of $10,000
dr. equipment 30,000 cr. cash 30,000
a company purchases $30,000 of equipment for cash
dr. supplies cr. a/p
a company purchases supplies on account
dr. wages expense $5000 cr. wages payable $5000
if Jones company owes its employees $5000 at the end of the year and pay day is on January 10th, what adjusting journal entry does Jones record at December 31st?
dr. cash 100,000 cr. common stock 100,000
issued shares of CS to investors in exchange for 100,000 cash
dr. unearned revenue 2500 cr. service revenue 25000
jones company received an advance payment of $5,000 last month from its customer and properly recorded that receipt. this month Jones completed 50% of the work ($2,500). write the journal entry to record that 50% of the prepayment is now earned?
dr. supplies expense 3,000 cr. supplies 3,000
our unadjusted trial balance reports $5,000 of supplies. when we count the supplies at month-end we only have $2,000. what is the adjusting entry to show some supplies have been used?
dr. salary expense 28,000 cr. cash 28,000
paid salaries of $28,000
dr. insurance expense 450 cr. PP ins. 450
textbook problem: Insurance expires at the rate of $450 per month.
dr. supplies expense 1550 cr. supplies 1550
textbook problem: a count of supplies shows $1050 of unused supplies on May 31st
dr. depr. expense 550 cr. A/D buildings 300 cr. A/D equipment 250
textbook problem: annual depreciation is $3,600 on the building and $3,000 on equipment
dr. salary expense cr. salary payable
textbook problem: salaries of $900 are accrued and unpaid on May 31
dr. interest expense 180 cr. interest payable 180
textbook problem: the mortgage interest rate 6% per year (the mortgage was taken out on May 1)
dr. unearned rev 2500 cr. rent revenue 2500
textbook problem: unearned rent of $2,500 has been earned
dr. depr. expense 1,000 cr. accum. depr. 1,000
what is the adjusting entry to record $1000 of depreciation expense?
dr. cash 5,000 cr. unearned revenue 5,000
what is the journal entry a company records for receiving $5,000 cash in advance for services which will be performed and completed next month?
dr. accounts receivable 2,000 cr. service expense 2,000
what is the journal entry a company records when it provides $2,000 of services for a customer on account
dr. rent expense 6,000 cr. cash 6,000
what is the journal entry a company records when paying $6,000 for this months rent?
dr. repair expense 1500 cr. accounts payable 1500
what is the journal entry when a company records repair work for $1,500 that was purchased on account
