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Preparation of Journal Entries: Transaction Account Titles and Explanations Debit Credit a Cash $ 45,000     Notes Payable   $ 45,000   (To record amount borrowed from bank)     b Land $40,000     Cash   $40,000   (To record land purchased)     c Cash $ 5,000     Service Revenue   $ 5,000   (To record service revenue)     d Supplies $ 300     Accounts Payable   $ 300   (To record supplies purchased on account)     e Accounts Recievable $ 2,600     Service Revenue   $ 2,600   (To record service revenue on account)     f Accounts Payable $ 1,200     Cash   $ 1,200   (To record cash paid to creditors)     g Salaries Expenses $ 3,000     Rent Expenses $ 1,500     Interest Expenses $ 400     Cash   $ 4,900   (To record expenses)     h Cash $ 3,100     Accounts Receivable   $ 3,100   (To record cash received from debtors)     i Utilities Expenses $ 200     Accounts payable/ Utilities payable   $ 200   (To record accrued utilities expense)     j Dividend $ 1,800     Cash   $ 1,800   (To record dividend)     1. post the transaction from the journal to the ledgar and compute the balance in each account after all the transcation have been posted

Preparation of Journal Entries: Transaction Account Titles and Explanations Debit Credit a Cash $ 45,000     Notes Payable   $ 45,000   (To record amount borrowed from bank)     b Land $40,000     Cash   $40,000   (To record land purchased)     c Cash $ 5,000     Service Revenue   $ 5,000   (To record service revenue)     d Supplies $ 300     Accounts Payable   $ 300   (To record supplies purchased on account)     e Accounts Recievable $ 2,600     Service Revenue   $ 2,600   (To record service revenue on account)     f Accounts Payable $ 1,200     Cash   $ 1,200   (To record cash paid to creditors)     g Salaries Expenses $ 3,000     Rent Expenses $ 1,500     Interest Expenses $ 400     Cash   $ 4,900   (To record expenses)     h Cash $ 3,100     Accounts Receivable   $ 3,100   (To record cash received from debtors)     i Utilities Expenses $ 200     Accounts payable/ Utilities payable   $ 200   (To record accrued utilities expense)     j Dividend $ 1,800     Cash   $ 1,800   (To record dividend)     1. post the transaction from the journal to the ledgar and compute the balance in each account after all the transcation have been posted

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter18: Acquiring Capital For Growth And Development
Section: Chapter Questions
Problem 1MP
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Preparation of Journal Entries:

Transaction Account Titles and Explanations Debit Credit
a Cash $ 45,000  
  Notes Payable   $ 45,000
  (To record amount borrowed from bank)    
b Land $40,000  
  Cash   $40,000
  (To record land purchased)    
c Cash $ 5,000  
  Service Revenue   $ 5,000
  (To record service revenue)    
d Supplies $ 300  
  Accounts Payable   $ 300
  (To record supplies purchased on account)    
e Accounts Recievable $ 2,600  
  Service Revenue   $ 2,600
  (To record service revenue on account)    
f Accounts Payable $ 1,200  
  Cash   $ 1,200
  (To record cash paid to creditors)    
g Salaries Expenses $ 3,000  
  Rent Expenses $ 1,500  
  Interest Expenses $ 400  
  Cash   $ 4,900
  (To record expenses)    
h Cash $ 3,100  
  Accounts Receivable   $ 3,100
  (To record cash received from debtors)    
i Utilities Expenses $ 200  
  Accounts payable/ Utilities payable   $ 200
  (To record accrued utilities expense)    
j Dividend $ 1,800  
  Cash   $ 1,800
  (To record dividend)    

1. post the transaction from the journal to the ledgar and compute the balance in each account after all the transcation have been posted

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