Answered Essay: Practice recording general journal entries for various ordinary transactions: Record the purchase of supplies, $400. Pay the

Practice recording general journal entries for various ordinary transactions 1. Record the purchase of supplies, $400. 2. Pay the payroll, $4,000 3. Sell shares of common stock, $6,000 4. Borrow money from the bank-signing a 3-year note payable for 5. Pay 6. Purchase Equipment, $20,000 7. Record sales of merchandise on account, $700. 8. Record cash sales of merchandise, $500. 9. Record the receipt of a utility bill for $1,800-the bill is not due for 3 weeks and wont be $8,500. back the money for a note payable, borrowed from a bank, $9,000, plus $300 interest. paid until it is due. Paid $2,000 for inventory purchased on account last month. 10.

Practice recording general journal entries for various ordinary transactions: Record the purchase of supplies, $400. Pay the payroll, $4,000. Sell shares of common stock, $6,000 Borrow money from the bank-signing a 3-year note payable for $8,500. Pay back the money for a note payable, borrowed from a bank, $9,000, plus $300 interest. Purchase Equipment, $20,000 Record sales of merchandise on account, $700. Record cash sales of merchandise, $500. Record the receipt of a utility bill for $1,800-the bill is not due for 3 weeks and won’t be $8,500. paid until it is due. Paid $2,000 for inventory purchased on account last month.

Expert Answer

 

The following are the required journal entries:

1 Supplies a/c $400
………..To Cash a/c $400
(Being supplies purchased assumed to be for cash)
2 Payroll payable a/c $4,000
……….To Cash a/c $4,000
(being payment of payroll made in cash now)
3 Cash a/c $6,000
………To Common stock a/c $6,000
(being shares of common stock sold for cash)
4 Cash a/c $8,500
……………….To 3-year note payable $8,500
(being cash received for signing a 3-year note payable)
5 Note payable a/c $9,000
Interest expense a/c $300
………..To Cash a/c $9,300
(being cash paid for notes payable along with interest)
6 Equipment a/c $20,000
………….To cash a/c $20,000
(being equipment purchased , assumed to be a cash purchase)
7 Accounts receivable a/c $700
……..To Sales revenue a/c $700
(being sales made on account recorded by debiting accounts receivable)
8 Cash a/c $500
……….To Sales revenue a/c $500
(being cash sales recorded)
9 Utilities expense a/c $1,800
………..To utilities payable a/c $1,800
(being bill for utilities received now, but payment to made after 3 weeks, so Utilities payable is credited)
10 Accounts payable a/c $2,000
………To Cash a/c $2,000
(being cash paid for inventory purchased on account, which means accounts payable will be debited and cash will be credited)
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