Category: Journal Entry Examples

Q2. Debits and credits What are debits and credits? A2. (1) Debit refers to the left side of the accounting equation. (2) Credit refers to

A1. (1) Journal entry: An entry into an accounting journal. (2) Accounting journal: An accounting record that keeps accounting transactions as they occur. (3) A

[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

[Q1] An entity uses a perpetual inventory system. On June 12, the entity purchased $24,000 inventory on account. Prepare a journal entry to record this

[Q1] An entity uses a periodic inventory system. The entity purchased $24,000 inventory on account. Prepare a journal entry to record this transaction. [Journal Entry]

[Q1] The entity collected $800 from the accounts receivable that had been written-off in the past. Prepare a journal entry to record this transaction. [Journal