Category: Journal Entry Examples

[Q1] The entity paid $12,000 for monthly rent. Prepare a journal entry to record this transaction. [Journal Entry]   Debit Credit Rent expense 12,000  

[Q1] The entity paid $8,000 salaries expense in cash. Prepare a journal entry to record this transaction. [Journal Entry]   Debit Credit Salaries expense 8,000

[Q1] The entity purchased new equipment and paid $150,000 in cash. Prepare a journal entry to record this transaction. [Journal Entry]   Debit Credit Equipment

[Q1] Owner invested $700,000 in the business. Prepare a journal entry to record this transaction. [Journal Entry]   Debit Credit Cash 700,000        Owner’s Equity