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  • Accounting Journal Entry Examples 01

    Transféré par

    Shan Butt
    33 vues4 pages
    Purchase of assets in cash 1. Purchased merchandise and paid $2,000 in cash. Repayment of liabilities in cash 2. Repaid $7,000 of bank loans 3. Paid $3,000 accounts payable 4. Payment of expenses in cash 3. Paid $3,500 rent expense 3b. Paid $6,000 salaries expense cash receipt transactions 4.

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    Purchase of assets in cash 1. Purchased merchandise and paid $2,000 in cash. Repayment of liabilities in cash 2. Repaid $7,000 of bank loans 3. Paid $3,000 accounts payable 4. Payment of expenses in cash 3. Paid $3,500 rent expense 3b. Paid $6,000 salaries expense cash receipt transactions 4.

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    Attribution Non-Commercial (BY-NC)
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    33 vues4 pages

    Accounting Journal Entry Examples 01

    Transféré par

    Shan Butt
    Purchase of assets in cash 1. Purchased merchandise and paid $2,000 in cash. Repayment of liabilities in cash 2. Repaid $7,000 of bank loans 3. Paid $3,000 accounts payable 4. Payment of expenses in cash 3. Paid $3,500 rent expense 3b. Paid $6,000 salaries expense cash receipt transactions 4.

    Droits d'auteur :

    Attribution Non-Commercial (BY-NC)
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    sur 4

    Accounting Journal Entry Examples 01

    * Cash payment transactions


    1. Purchase of assets in cash
    2. Repayment of liabilities in cash
    3. Payment of expenses in cash

    * Cash receipt transactions
    4. Sale of assets in cash
    5. Borrowing money
    6. Issuance of stock

    * Cash payment transactions
    1. Purchase of assets in cash
    1a. Purchased merchandise and paid $2,000 in cash
    1b. Purchased an equipment and paid $15,000 in cash

    2. Repayment of liabilities in cash
    2a. Repaid $7,000 of bank loans
    2b. Paid $3,000 accounts payable

    3. Payment of expenses in cash
    3a. Paid $3,500 rent expense
    3b. Paid $6,000 salaries expense

    * Cash receipt transactions
    4. Sale of assets in cash
    4a. Sold merchandise and received $6,500 in cash
    The cost of merchandise sold was 5,100
    4b. Sold an equipment and received $8,600 in cash
    The book value of the equipment was $8,000

    5. Borrowing money
    5a. Borrowed $9,000 in cash
    5b. Issued a promissory note and received $11,000 in cash

    6. Issuance of stock
    6a. Issued 500 shares of common stock, at $50 per share
    6b. Issued 200 shares of preferred stock, at $80 per share

    ash payment transactions



    1. Purchase of assets in cash
    1a. Purchased merchandise and paid $2,000 in cash
    debit credit
    merchandise 2,000
    cash 2,000
    debit: increase in assets (merchandise)
    credit: decrease in assets (cash)
    1b. Purchased an equipment and paid $15,000 in cash
    debit credit
    equipment 15,000
    cash 15,000
    debit: increase in assets (equipment)
    credit: decrease in assets (cash)
    . Repayment of liabilities in cash
    2a. Repaid $7,000 of bank loans
    debit credit
    borrowings 7,000
    cash 7,000
    debit: decrease in liabilities (borrowings)
    credit: decrease in assets (cash)
    2b. Paid $3,000 accounts payable
    debit credit
    accounts payable 3,000
    cash 3,000
    debit: decrease in liabilities (accounts payable)
    credit: decrease in assets (cash)
    . Payment of expenses in cash
    3a. Paid $3,500 rent expense
    debit credit
    rent expense 3,500
    cash 3,500
    debit: increase in expenses (rent expense)
    credit: decrease in assets (cash)
    3b. Paid $6,000 salaries expense
    debit credit
    salaries expense 6,000
    cash 6,000
    debit: increase in expenses (salaries expense)
    credit: decrease in assets (cash)


    ash receipt transactions
    4. Sale of assets in cash
    4a. Sold merchandise and received $6,500 in cash
    debit credit
    cash 6,500
    sales 6,500
    debit: increase in assets (cash)
    credit: increase in revenue (sales)
    The cost of merchandise sold was 5,100
    debit credit
    cost of goods sold 5,100
    merchandise 5,100
    debit: increase in assets (cash)
    credit: increase in revenue (sales)
    4b. Sold an equipment and received $8,600 in cash
    The book value of the equipment was $8,000
    debit credit
    cash 8,600
    equipment 8,000
    gain on sale of
    equipment
    600
    debit: increase in assets (cash)
    credit: increase in revenue (sales)
    . Borrowing money
    5a. Borrowed $9,000 in cash
    debit credit
    cash 9,000
    borrowings 9,000
    debit: increase in assets (cash)
    credit: increase in liabilities (borrowings)
    5b. Issued a promissory note and received $11,000 in cash
    debit credit
    cash 11,000
    notes payable 11,000
    debit: increase in assets (cash)
    credit: increase in liabilities (notes payable)
    . Issuance of stock
    6a. Issued 500 shares of common stock, at $50 per share
    debit credit
    cash 25,000
    Common stock 25,000
    debit: increase in assets (cash)
    credit: increase in equity (common stock)
    6b. Issued 200 shares of preferred stock, at $80 per share
    debit credit
    cash 16,000
    Preferred stock 16,000
    debit: increase in assets (cash)
    credit: increase in equity (preferred stock)

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