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    Trenia's Avatar
    Trenia Posts: 3, Reputation: 1
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    #1

    Dec 23, 2008, 08:32 AM
    I do not understand journal entries
    Hi, my name is Trenia. I am a Junior in college and my major is Business Accounting.
    I work full time and go to school full time. I am married and have two girls.
    Trenia's Avatar
    Trenia Posts: 3, Reputation: 1
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    #2

    Dec 23, 2008, 08:35 AM

    If a company transferred temporarily restricted funds in the amount of $3,000 from
    Investments to pay for additional arts and crafts supplies; how would I prepare the
    Journal entries?
    Trenia's Avatar
    Trenia Posts: 3, Reputation: 1
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    #3

    Dec 23, 2008, 08:43 AM
    To account for $1,750 in fees from parents
    Earned in the first six months of operations,
    But collected in the second six months. How
    Would I prepare the journal entries?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #4

    Dec 24, 2008, 11:16 AM

    1. Debit Craft Supplies for 3,000
    Credit Investments for 3,000

    2. Debit Accounts Reeivable for 1,750
    Credit Service Revenue(or appropriate revenue account) for 1,750
    Syed sarfaraz's Avatar
    Syed sarfaraz Posts: 2, Reputation: 1
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    #5

    Jan 1, 2009, 11:26 AM

    Arts & craft A/c Dr $3000.00
    To Investment A/c $3000.00
    Syed sarfaraz's Avatar
    Syed sarfaraz Posts: 2, Reputation: 1
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    #6

    Jan 1, 2009, 11:29 AM
    What are the journal entries for accounts payable.

    Ex:
    When an invoice is going to be post?

    When an invoices paid?

    When payment stopped? (after issuing a check)













    .
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #7

    Jan 1, 2009, 02:38 PM

    When you purchase something on Credit the journal entry is:

    Debit the appropriate Asset account for the amount. i.e. Supplies or Merchandise Inventory
    Credit Accounts Payable for the amount

    When the accounts payable account is paid the journal entry is:
    Debit Accounts Payable for the amount
    Credit Cash for the amount
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