ACT3391Spring2011JEexamplesbrushingup

ACT3391Spring2011JEexamplesbrushingup - Property, plant,...

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Examples of common journal entries. a) Issued shares of common stock for cash Cash xx Common stock and additional paid-in capital xx b) Borrowed money Cash xx Notes payable xx c) Repaid the principle amount borrowed Notes payable xx Cash xx d) Purchased insurance for the next 6 months Prepaid insurance xx Cash xx e) Purchased property, plant, and equipment on a cash basis Property, plant, and equipment xx Cash xx f) Purchased property, plant, and equipment on an account basis
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Unformatted text preview: Property, plant, and equipment xx Accounts payable xx g) Performed services for customers on an account basis Accounts receivable xx Service revenue xx h) Performed services for customers on a cash basis. Cash xx Service revenue xx i) Incurred and paid expenses Expense xx Cash xx j) Paid off an accounts payable Accounts payable xx Cash xx k) Collected an accounts receivable Cash xx Accounts receivable xx...
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This note was uploaded on 03/08/2011 for the course ACCT 3391 taught by Professor Turpin during the Spring '10 term at Troy.

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