Chapter 2 Journal Entries Example

Chapter 2 Journal Entries Example - 10. Provided $3,000 of...

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HINT: assets, dividends & expenses increase in debit, liabilities, equity & revenue in credit 1. Purchased $10,000 of stuff we intend to resell and paid cash 2. Issued $100,000 of common stock 3. Paid the rent for the month of $2,000 4. Received the phone bill of $500 but DID NOT pay it yet 5. Purchased $5,000, on account, of stuff we intend to resell 6. Borrowed $5,000 from the local bank 7. Paid $2,000 of dividends 8. Paid our employees $3,000 9. Paid the supplier from #5
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Unformatted text preview: 10. Provided $3,000 of consulting services to a company on account 11. Purchased $500 of office supplies on account 12. Collected the money from the sale in #10 13. Paid the phone bill from #4 14. Paid the bank back from #6 in full (ignore interest for now) 15. We owe our employees another $2,500 but will not pay until next month 16. Purchased a piece of equipment (Caterpillar of course) for $12,000 cash Journal Entries Examples...
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