Question
Prove your mastery! Your results will report to the gradebook. If you are not ready to submit work for a grade, you can try activities
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Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry.
| Collected cash for future services | |||
| Account #1 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Account #2 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Received cash from selling shares of stock | |||
| Account #1 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Account #2 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Purchase of building with note. | |||
| Account #1 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Account #2 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Purchased equipment on account | |||
| Account #1 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Account #2 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Paid for advertising in the local paper | |||
| Account #1 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Account #2 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
Record the following transactions as journal entries.
Made a $7,000 payment on notes payable
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 3 | |||
Received $8,000 for services rendered to a client
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 4 | |||
Purchase a $8,000 building with note
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 5 | |||
Owner contributed $7,000 in furniture in exchange for common stock
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 5 | |||
Paid $6,000 for a one year insurance policy
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 5 | |||
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The Quality Audit A Management Evaluation Tool
Authors: Charles A. Mills
1st Edition
0070424284, 978-0070424289
