Prepare journal entries to record the following transactions that occurred in March: A. On first day of
Question:
Prepare journal entries to record the following transactions that occurred in March:
A. On first day of the month, purchased building for cash, $75,000
B. On fourth day of month, purchased inventory, on account, $6,875
C. On eleventh day of month, billed customer for services provided, $8,390
D. On nineteenth day of month, paid current month utility bill, $2,000
E. On last day of month, paid suppliers for previous purchases, $2,850
Step by Step Answer:
1 journal entries Date Particulars Debit Credit March 1 building account debit 75000 cash account cr...View the full answer
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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