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
Accounts Rec.
XXX
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
Accounts Payable
XXX
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
Cash
XXX
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
Cash
XXX
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
Salary Payable
XXX
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
Accounts Payable
XXX
XXX
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?
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 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
Accounts Receivable
XXX
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
Accounts Receivable
XXX
Sales Revenue
Cost of Goods Sold
Inventory
XXX
XXX
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
Cash
XXX
XXX
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?
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 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
Notes Payable
10000
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
Interest Payable
Cash
10,000
1,000
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
Cash
25,000
25,000
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?
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 Depreciation
Cash
17,000
3,500
Gain on Sale of furniture
500
Furniture
20,000
16. What is the entry to record
owner withdrawal?
16. What is the entry to record
owner withdrawal?
Name, Capital
Cash
XXX
XXX
17. What is the entry to record
purchasing a building with some
cash down and signing a note for
the remainder amount?
17. What is the entry to record
purchasing a building with some
cash down and signing a note for
the remainder amount?
Building
XXX
Cash
XXX
Note Payable
XXX
17. What is the entry to record the
receipt of rent in advance?
17. What is the entry to record the
receipt of rent in advance?
Cash
Prepaid Rent
XXX
XXX
18. What is the adjusting entry for
supplies?
18. What is the adjusting entry for
supplies?
Supplies Expense
Supplies
XXX
XXX
19. What is the adjusting entry for
prepaid expenses used up?
19. What is the adjusting entry for
prepaid expenses used up?
Rent expense (Insurance
expense, etc.)
Prepaid rent/
insurance/ etc
XXX
XXX
19. What is the entry for issuing
common stock for cash?
19. What is the entry for issuing
common stock for cash?
Cash
Common Stock
XXX
XXX
20. What is the entry for
purchasing treasury stock?
20. What is the entry for
purchasing treasury stock?
Treasury stock
Cash
XXX
XXX