Category: Journal Entry Examples

[Q1] The entity concludes that $1,200 of its accounts receivable cannot be collected in the future, because the customer liquidated the business. Prepare a journal

[Q1] The entity estimates that $2,000 of its accounts receivable may be uncollectible. Prepare a journal entry to record this transaction. [Journal Entry]   Debit

[Q1] The entity collected $9,000 from a customer who purchased the entity’s merchandise on account 10 days ago. Prepare a journal entry to record this

[Q1] The entity sold merchandise at the sale price of $50,000 on account. The cost of merchandise sold was $30,000. Prepare a journal entry to

[Q1] The entity sold merchandise at the sale price of $50,000 in cash. The cost of merchandise sold was $30,000. Prepare a journal entry to

[Q1] The entity purchased merchandise and paid $30,000 in cash. Prepare a journal entry to record this transaction. [Journal Entry]   Debit Credit Merchandise 30,000