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Accounting journal entries
Dolly Barton began Barton Office Services in October and during that month completed these transactions:
a. Invested $10,000 cash, and $15,000 of computer equipment. b. Paid $500 cash for an insurance premium covering the next 12 months. c. Completed a word processing assignment for a customer and collected $1,000 cash. d. Paid $200 cash for office supplies. e. Paid $2,000 for October's rent. Prepare journal entries to record the above transactions. |
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Dolly Barton began Barton Office Services in October and during that month completed these transactions:
a. Invested $10,000 cash, and $15,000 of computer equipment. b. Paid $500 cash for an insurance premium covering the next 12 months. c. Completed a word processing assignment for a customer and collected $1,000 cash. d. Paid $200 cash for office supplies. e. Paid $2,000 for October's rent. Prepare journal entries to record the above transactions. I am sure you know the balance sheet equation: Assets = Liabilities + Owner's Equity + Revenue - Expenses Analyze each transaction and determine which items are afftected You also know the rules of double entry Category Increases Decreases Assets Debit Credit Liabilities Credit Debit Owner's Equity Credit Debit Revenue Credit Debit Expenses Debit Credit I am sure you can solve the problem yourself. Best wishes |
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I am sure you know the balance sheet equation:
Assets = Liabilities + Owner's Equity + Revenue - Expenses Analyze each transaction and determine which items are afftected You also know the rules of double entry Category Increases Decreases Assets Debit Credit Liabilities Credit Debit Owner's Equity Credit Debit Revenue Credit Debit Expenses Debit Credit I am sure you can solve the problem yourself. Best wishes[/QUOTE] |
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