how to journalize this transaction ?
Asked Dec 12, 2008, 10:17 PM
Could you please check whether I did it right or wrong ?
1.Dwyer Delivery Service,a proprietorship, began operations by receiving from the owner $5000 cash and a truck valued at $10000. The business gave Paul Dwyer, the oener, capital in the business.
answer Debit Cash 5000
Credit Capital 15000
What category should I put truck in ?
2. Complete a large delivery job, billed the customer $2000, and received a promise to collect the 2000 within one week.
answer Debit Account Payable 2000
Credit Service Revenue 2000
3. Purchased fuel for the truck, paying $100 with a company credit card. Credit Account Payable.
answer Debit Fuel expense 100
Credit Account Payable 100
Thank you so much for your kindness.