[alexandriaka]

How would I write a journal entry for these things...

1. You buy a small motel for $250,000. You pay $25,000 in cash, the rest you plan to pay later (on credit).

2. You purchase supplies costing $200 that you will pay for at a later date.

3. You pay off the $225,000 worth of credit on the building in problem #1.

4. You and a friend are starting a new business and each of you invests $3,000 into the company. (Hint: This journal entry is only written in respect to your contributions)

6. Your company pays its electricity bill of $200 with credit. (Hint: You will pay at a later date)

5. You own your own business and have one other employee. At the end of the month you pay him $800 in cash.


7. You use up (Hint: Expense) $40 of the supplies you purchased earlier in problem #2.

8. You pay $350 cash for chairs to include as Inventory.

9. $550 that was owed to you from a prior transaction is paid to you in full.

10. You sell an inventory item for $600. You originally purchased it for $450

11. You mow the lawn for your uncle every week for the summer, a service worth $650. He pays you $200 now and will pay you the rest at a later date.

12. Your company pays out $100 to shareholders as a dividend.

[paraclete]

Fairly basic accounting so for help here we need to know what you want to know, we are not providing tutoring or lectures in accounting and we don't provide model answers to assignment questions

The basic format for recording transactions is a journal

Debit (expenses) (assets) Credit (income) (liabilities) (equity)

A student needs to understand accounting is about personal intregrity which in this case means you do your own work