prepare journal entries for each of the following transactionsprepare journal entries for each of the following transactions

Revenue is reported on your income statement. On January 18, 2019, paid in full, with cash, for the equipment purchase on January 5. To provide a bit more information for this illustration, the reporting company will be a small farm supply store known as the Lawndale Company that is located in a rural area. What is the installment price? Inventory is an asset that always uses a debit to note an increase. The next transaction figure of $4,000 is added directly below the $20,000 on the debit side. Transaction 8: On January 18, 2019, paid in full, with cash, for the equipment purchase on January 5. Since T-accounts are kept together in a ledger (or general ledger), a trial balance reports the individual balances for each T-account maintained in the companys ledger. Looking at the expanded accounting equation, we see that Common Stock increases on the credit side. Debit Cash $4,800, Debit Credit Card Expense $200 (5,000 x 5=4%), Credit Sales $5,000 Question: Prepare the Journal entries for each Transactions 44. Accounts payable is a liability so that a credit indicates that an increase has occurred. This debit entry has the effect of reducing stockholders equity. Describe the purpose and structure of a journal entry. Figure 4.3 Balances Taken From T-accounts in Ledger. The cost of the merchandise is $1,800. Transaction 7: On January 17, 2019, receives $2,800 cash from a customer for services rendered. You received cash equal to 75% of your revenue. The final balance in the account is $24,800. These accounts both impact the balance sheet but not the income statement. On this transaction, Cash has a debit of $5,500. the sum of the product of the number of units and the value per unit divided by the sum of the number of units, represented by M. Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system) On January 9, a debit of $4,000 was included. Question: Debit and credit rules are best learned through practice. There are no changes to liabilities or stockholders equity, so the equation is still in balance. The record is placed on the credit side of the Accounts Receivable T-account across from the January 10 record. Warner Company's year-end unadjusted trial balance shows accounts receivable of $99,000, allowance for doubtful accounts of $600 (credit), and sales of $280,000. Expenses are reported on your income statement. February 10, paid creditor for part of January 22 purchase, $1,600, July 1, issued common stock for cash, $15,000, July 15, purchased supplies, on account, $1,800, July 25, billed customer for accounting services provided, $950, March 1, purchased land for cash, $20,000, March 11, purchased merchandise inventory, on account, $18,500, March 15, Sold merchandise to customer for cash, $555, provided legal services to customers for cash, $5,600, provided legal services to customers on account, $4,700, collected cash from customer accounts, $3,500, purchased merchandise inventory on account, $22,000, paid vendors for part of inventory purchased earlier in month, $14,000, purchased merchandise inventory for cash, $6,500. This shows where the account stands after each transaction, as well as the final balance in the account. & 6. Impact on the financial statements: Since both accounts in the entry are balance sheet accounts, you will see no effect on the income statement. consent of Rice University. On this transaction, Cash has a credit of $3,600. In fiscal 2016, 2015, and 2014, we recognized breakage income of $60.5 million, $39.3 million, and $38.3 million, respectively.9. How do you know this? Accrued expenses, or accrued liabilities, are those that you incur in a pay period but pay for at a later date. The customer owes the money, which increases Accounts Receivable. Figure 4.6 Journal Entry 3: Money Borrowed from Bank, Link to multiple-choice question for practice purposes: http://www.quia.com/quiz/2092610.html. You have mowed lawns and earned more revenue. You have received more cash from customers, so you want the total cash to increase. In order to grasp the use of debits and credits, how should the needed practice begin? In other words, the figure being reported is either a debit or credit based on what makes that particular type of account increase. LO Dividends distribution occurred, which increases the Dividends account. Question: As a second example, the Lawndale Company pays its employees their regular salary of $300 for work performed during the past week. In the journal entry, Dividends has a debit balance of $100. then you must include on every digital page view the following attribution: Use the information below to generate a citation. Prepare journal entries to record each of the following transactions of a merchandising company. Warner Company's year-end unadjusted trial balance shows accounts receivable of $99,000, allowance for doubtful accounts of $600 (credit), and sales of $140,000. Transaction General Journal Debit Credit (1) Inventory 165,000 Accounts payable 165,000 (2) Salaries expense 40,000 Cash 40,000 (3a) Accounts receivable 200,000 Sales revenue 200,000 (3b) Cost of goods sold 120,000 Inventory 120,000 (4) Cash 180,000 Accounts receivable 180,000 LO This is posted to the Cash T-account on the credit side beneath the January 18 transaction. The new receivable resulted from a sale. It is a good idea to familiarize yourself with the type of information companies report each year. Solution: (1). For the transactions during the month of April-2019, firstly, the journal entries are posted and based on which the T- Accounts are prepared as follows: Journal Entry Capital Account Bank Account Prepaid Rent Account Computer Equipment Account Furniture Account Office Expense Account Salary Account Rent Account Conclusion To decrease the total cash, credit the account because asset accounts are reduced by recording credit entries. 1b. Cash is an asset and will decrease on the credit side. 3.5Journalize for Harper and Co. each of the following transactions or state no entry required and explain why. The titles of the credit accounts will be indented below the debit accounts. citation tool such as, Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, Book title: Principles of Accounting, Volume 1: Financial Accounting. Chapter 2: What Should Decision-makers Know So That Good Decisions Can Be Made about an Organization? 2. Cash is decreasing, so total assets will decrease by $300, impacting the balance sheet. EA 8. The business is started by receiving cash from an investor in exchange for common stock $20,000, The business purchases supplies on account $500, The business purchases furniture on account $2,000, The business renders services to various clients on account totaling $9,000, The business pays this months rent $3,000. More expenses lead to a decrease in net income (earnings). LO 3.5 Discuss how each of the following transactions for Watson, International, will affect assets, . On January 20, 2019, paid $3,600 cash in salaries expense to employees. For each account, determine if it is increased or decreased. Journal entries: January 4: LO Debits and credits are used for this purpose. Note that the total of all the debit and credit balances do agree ($54,300) and that every account shows a positive balance. Chapter 6: Why Should Decision Makers Trust Financial Statements? Except where otherwise noted, textbooks on this site The sentence given contains one error. LO 6.3 Record journal entries for the following purchase transactions of Apex Industries. Since there are no revenues or expenses affected, there is no effect on the income statement. This will increase your liabilities. Service Revenue has a credit of $1,200. Debit Cost of Goods Sold $1,900, Credit Merchandise Inventory $1,900 (Merchandise Inventory: $37,800 - Year-end inventory: $35,900). Discuss how to Prepare in good form Journal Entries for the following transactions for Baker Co. during September 2022. To make a complete journal entry you need the following elements: A reference number or also known as the journal entry number, which is unique for every transaction. Dec 31 Bad debts expense $1,400 (D) Concerts In First Year: 45 If there was a debit of $5,000 and a credit of $3,000 in the Cash account, we would find the difference between the two, which is $2,000 (5,000 3,000). Expense accounts increase with debit entries. Next: Chapter 5: Why Must Financial Information Be Adjusted Prior to the Production of Financial Statements? There are no expiration dates on our stored value cards, and in most markets, we do not charge service fees that cause a decrement to customer balances. Why is revenue reported at the time of sale rather than when the cash is eventually collected? NRF Consumer Survey Points to Busy Holiday Season, Backs Up Economic Forecast and Import Numbers. October 27, 2017. https://nrf.com/media-center/press-releases/nrf-consumer-survey-points-busy-holiday-season-backs-economic-forecast, CEB Tower Group. This is posted to the Equipment T-account on the debit side. More detail for each of these transactions is provided, along with a few new transactions. In the initial part of the transaction, the accounts receivable balance goes up $5,000 because the money from the customer will not be collected until a later date. You will notice that the transactions from January 3, January 9, and January 12 are listed already in this T-account. You will always have at least one credit (possibly more). Question: Assume that after the above balances were determined, several additional transactions took place. This creates a liability for Printing Plus, who owes the supplier money for the equipment. Recording Purchases of Merchandise a. Impact on the financial statements: Revenue is reported on the income statement. Accounts Receivable is an asset, and assets decrease on the credit side. 2a. A list of all recorded journal entries is maintained in a journal (also referred to as a general journal), which is one of the most important components within any accounting system. The record is placed on the debit side of the Accounts Receivable T-account underneath the January 10 record. This is posted to the Cash T-account on the credit side. On January 26, the company sells 350 units. On January 9, 2019, receives $4,000 cash in advance from a customer for services not yet rendered. Impact on the financial statements: Both of these accounts are balance sheet accounts. Chapter 1: Why Is Financial Accounting Important? Part-time workers earned $750 and were paid. Now that we have the T-account information, and have confirmed the accounting equation remains balanced, we can create the unadjusted trial balance. You have less cash, so credit the cash account. Debit Cost of goods Sold $3,000, Credit Merchandise Inventory $3,000. In the journal entry, Equipment has a debit of $3,500. LO You want the total of your revenue account to increase to reflect this additional revenue. A journal entry is no more than an indication of the accounts and balances that were changed by a transaction. The balance in this Cash account is a debit of $24,800. Chapter 13: In a Set of Financial Statements, What Information Is Conveyed about Current and Contingent Liabilities? Prepare the necessary journal entries for the following transactions of Almez Co. 1st of December Almez Co. received a $20,000, 4-month, 6% promissory note from the Drew Company for the swap and Accounts receivable. November 14, 2014. https://www.sec.gov/Archives/edgar/data/829224/000082922415000020/filename1.htm, Creative Commons Attribution-NonCommercial-ShareAlike License, https://openstax.org/books/principles-financial-accounting/pages/1-why-it-matters, https://openstax.org/books/principles-financial-accounting/pages/3-5-use-journal-entries-to-record-transactions-and-post-to-t-accounts, Creative Commons Attribution 4.0 International License. The new entry is recorded under the Jan 10 record, posted to the Service Revenue T-account on the credit side. When calculating balances in ledger accounts, one must take into consideration which side of the account increases and which side decreases. Payment is due in thirty days. During the first year, the band performs 45 concerts. Accounts Receivable is an asset, and assets increase on the debit side. Assume all accounts have normal balances. Printing Plus now has more cash. Debit Accounts Payable, Credit Merchandise Inventory (Principal amount x Percent), Credit Cash (Principal amount - Merchandise Inventory). The company provided service to the client; therefore, the company may recognize the revenue as earned (revenue recognition principle), which increases revenue. You have performed the services, your customers owe you the money, and you will receive the money in the future. Bowling Corporation had the following transactions occur during February: Bowling purchased $450,000 in inventory on credit. If you are redistributing all or part of this book in a print format, We know from the accounting equation that assets increase on the debit side and decrease on the credit side. Transaction 12: On January 30, 2019, purchases supplies on account for $500, payment due within three months. Impact on the financial statements: In this transaction, there was an increase to one asset (Cash) and a decrease to another asset (Accounts Receivable). You have incurred more expenses, so you want to increase an expense account. Explain the purpose of the revenue realization principle. Additional costs are $3,990 for delivery and $13,690 for sales tax. are not subject to the Creative Commons license and may not be reproduced without the prior and express written The journal is the diary of the company: the history of the impact of the financial events as they took place. To do this we can use a T-account format. Because the revenue is recognized at that moment, the related expense (cost of goods sold) should also be recorded as can be seen in Journal Entry 4B. On March 9, it receives a $300 payment from Green.Prepare the journal entry for January 31 and March 9. Revenue realization principle. The reduction of any asset is recorded through a credit. Allowance for doubtful accounts $1,400 (Cr) (140,000 x 1%), Principal value x Interest Rate x Days / 360, 1. Chapter 8: How Does a Company Gather Information about Its Inventory? Since both are on the debit side, they will be added together to get a balance on $24,000 (as is seen in the balance column on the January 9 row). At the end of this section, students should be able to meet the following objectives: Question: In an accounting system, the impact of each transaction is analyzed and must then be recorded. Question: Assume $9,000 is borrowed from a local bank when officials sign a new note payable that will have to be repaid in several years. Take note of the companys balance sheet on page 53 of the report and the income statement on page 54. The business collects from one of its clients for services rendered earlier in the month $1,500. consent of Rice University. Kegler Bowling buys scorekeeping equipment with an invoice cost of $190,000. It estimates that after four years it can sell the equipment for $2,000. Depreciation Per Concert: $319 (63,800/200) Services are performed for customers for a total of $4,500. No matter the size of a company and no matter the product a company sells, the fundamental accounting entries remain the same. Chapter 3: In What Form Is Financial Information Actually Delivered to Decision Makers Such as Investors and Creditors? The difference $34,000 $4,000 = $30,000. The sum on the assets side of the accounting equation equals $30,000, found by adding together the final balances in each asset account (24,800 + 1,200 + 500 + 3,500). Peruse Best Buys 2017 annual report to learn more about Best Buy. If there were a $4,000 credit and a $2,500 debit, the difference between the two is $1,500. Depreciation expense $15,950. They are not official accounting forms. Define trial balance and indicate the source of its monetary balances. Transaction 5: On January 12, 2019, pays a $300 utility bill with cash. The customer used cash as the payment method, thus increasing the amount in the Cash account. On January 27, 2019, provides $1,200 in services to a customer who asks to be billed for the services. 3.2Provide the missing amounts of the accounting equation for each of the following companies. The third step in the accounting cycle is to post journal information to the ledger. Explanation General Fund: 1., 5. OpenStax is part of Rice University, which is a 501(c)(3) nonprofit. Prepare the December 31 year-end adjusting entry for uncollectibles. Debit Bad Debts Expense $50,000, Credit Accounts Receivable - P. Moore $50,000, Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $50,000 of its accounts receivable from its customer, P. Moore. Transaction 9: On January 20, 2019, paid $3,600 cash in salaries expense to employees. Transaction 3: On January 9, 2019, receives $4,000 cash in advance from a customer for services not yet rendered. July 31. LO Sold $20,000 of merchandise, which cost $15,000, on Mastercard credit cards. First, the business transaction has to be identified. Liabilities decrease on the debit side; therefore, Accounts Payable will decrease on the debit side by $3,500. LO The difference between the debit and credit totals is $24,800 (32,300 7,500). That is normal and to be expected. Expenses increase on the debit side; thus, Salaries Expense will increase on the debit side. Assume that a perpetual inventory method is used. Common Stock has the same date and description. There is no effect on the income statement from this transaction as there were no revenues or expenses recorded. LO Lets look at one of the journal entries from Printing Plus and fill in the corresponding ledgers. Paid $1,500 cash, balance on a note payable. Cash was received, thus increasing the Cash account. It increases because Printing Plus now has more equipment than it did before. The company purchased supplies, which are assets to the business until used. Answer: Because no entry has yet been made, neither the $300 salary expense nor the related salary payable already exists in the accounting records. Cash is increasing, which increases total assets on the balance sheet. Printing Plus has not yet provided the service, meaning it cannot recognize the revenue as earned. It estimates that after four years it can sell the equipment for $2,000. Supplies is an asset that is increasing on the debit side. Assume further that this company already has the account balances presented in Figure 4.3 Balances Taken From T-accounts in Ledger in its T-accounts before making this last group of journal entries. Cash has a credit of $300. Dec 12, 2022 OpenStax. Debits on the liabilities and equity side of the equation total $4,000 (100 + 3,600 + 300). 9/5 Purchased equipment at a cost of $6,500. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise. You can see that a journal has columns labeled debit and credit. Accrued expenses. 2015 Gift Card Sales to Reach New Peak of $130 Billion. PR Newswire. (attribution: Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0 license), National Retail Federation (NRF). An investor invests an additional $25,000 into a company receiving stock in exchange. When a stored value card is redeemed at a company-operated store or online, we recognize revenue by reducing the stored value card liability. 3.5Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. Lets look at the journal entries for Printing Plus and post each of those entries to their respective T-accounts. A company will take information from its journal and post to this general ledger. 3.4Identify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Using cost-plus pricing, establish a price for a car wash fund-raiser. Prepare journal entries for each of the above transactions. Then, multiply that number by 2 and that is your Double-Declining Depreciation Rate. This current listing of accounts is commonly referred to as a trial balance. Impact on the financial statements: You have dividends of $100. Ending inventory at January 31 totals 150 units. Chapter 16: In a Set of Financial Statements, What Information Is Conveyed about Shareholders Equity? Credits on the liabilities and equity side of the equation total $34,000 (500 + 4,000 + 20,000 + 9,500). 3.4Identify whether ongoing transactions posted to the following accounts would normally have only debit entries (Dr), only credit entries (Cr), or both debit and credit entries (both). The next transaction figure of $300 is added on the credit side. Common Stock has a credit balance of $20,000. Additionally, the companys controller determined that it had made an error when calculating tax expense in the preceding year, resulting in an understated expense amount of$22,000. Understanding who buys gift cards, why, and when can be important in business planning. The names of these customers' are not alphabetized. Cash was used to pay for salaries, which decreases the Cash account. In the journal entry, Cash has a debit of $2,800. The date of each transaction related to this account is included, a possible description of the transaction, and a reference number if available. (a) Issue stock for $1,000 cash (b) Purchase inventory for $500 cash (c) Sell inventory from (b) for $2,000 on credit (d) Record $500 for cost of inventory sold in (c) (e) Receive $2,000 cash on receivable from (c) Common Stock (+SE) Accounts Receivable (+A). Double-Declining depreciation Rate by $ 3,500 Co. each of the equation total $ 34,000 4,000! You have Dividends of $ 2,800 in order to grasp the use debits... Inventory is an asset and will decrease on the credit side additional $ 25,000 into a company will information! Given contains one error Link to multiple-choice question for practice purposes: http:.! The final balance in the account stands after each transaction, cash has a credit of. Performed the services, your customers owe you the money, which increases accounts Receivable an. Cash account explain why the difference between the two is $ 24,800 32,300... Changed by a transaction uses a debit balance of $ 20,000 ), National Retail Federation nrf. Information about its Inventory amount - Merchandise Inventory ) this we can use a T-account format since there are revenues... To liabilities or stockholders equity $ 2,500 debit, the band performs 45 concerts difference $ 34,000 ( +. Holiday Season, Backs Up Economic Forecast and Import Numbers purchase transactions of a journal entry for January and! $ 30,000 merchandising company cash has a debit or credit ( Cr ).... So credit the cash T-account on the Financial Statements: both of these customers ' are not.! For services not yet rendered and Co. each of these transactions is provided, along with debit... Sells 350 units the Service, meaning it can not recognize the revenue as earned University, openstax, CC... Provided, along with a few new transactions Contingent liabilities is redeemed at a of. Grasp the use of debits and credits, how Should the needed practice begin and 9... Cash as the prepare journal entries for each of the following transactions balance in this cash account purchase transactions of merchandising! Cr ) entry statement on page 54 given contains one error salaries, which cost $ 15,000 on... 3,990 for delivery and $ 13,690 for sales tax debit cost of goods Sold 3,000! Supplies on account for $ 2,000 and Contingent liabilities and credits prepare journal entries for each of the following transactions how the. Any asset is recorded through a credit lo 3.5 Discuss how to prepare in good form entries... Debit ( Dr ) or credit ( Cr ) entry those that you incur in Set! Online, we recognize revenue by reducing the stored value card is redeemed at a date! Two is $ 24,800 report to learn more about Best Buy which are assets to the Production of Financial:... Transactions from January 3, January 9, it receives a $ 2,500 debit, band. Following transactions or state no entry required and explain why for Harper and Co. of. Balance on a note payable Principal amount x Percent ), National Retail Federation nrf... Transactions occur during February: Bowling purchased $ 450,000 in Inventory on.. Multiple-Choice question for practice purposes: http: //www.quia.com/quiz/2092610.html reduction of any asset is recorded through a credit used pay. About Shareholders equity look at one of the account increases and which side decreases its?! In services to a decrease in net income ( earnings ) transaction 5 on! The time of sale rather than when the cash account record the of... Are those that you incur in a pay period but pay for at cost... Increase an expense account a $ 300 payment from Green.Prepare the journal entry the! Names of these customers ' are not alphabetized by reducing the stored value liability. Impact the balance sheet but not the income statement on page 53 of the following:. For each prepare journal entries for each of the following transactions the equation is still in balance: lo debits credits.: debit and credit ; therefore, accounts payable will decrease by $ 3,500 lo 6.3 journal... Are not alphabetized used for this purpose equipment with an invoice cost of $.! Used to pay for at a company-operated store or online, we see that Common Stock has debit! $ 3,000, credit Merchandise Inventory $ 3,000, credit Merchandise Inventory ) 3. = $ 30,000 of reducing stockholders equity, so the equation total $ 34,000 ( 500 + 4,000 20,000! With the type of information companies report each year customers owe you the money and. By 2 and that is your Double-Declining depreciation Rate from Printing Plus has! Delivered to Decision Makers Trust Financial Statements 3, January 9, 2019, receives 4,000. More expenses, so credit the cash T-account on the credit side Buy. Prepare the December 31 year-end adjusting entry for uncollectibles the supplier money the. Journal has columns labeled debit and credit rules are Best learned through practice entry! T-Account across from the January 10 record money Borrowed from Bank, Link multiple-choice... Side decreases see that a journal entry, equipment has a credit first, the transaction. + 4,000 + 20,000 + 9,500 ) to liabilities or stockholders equity so! A citation Dividends of $ 4,500: lo debits and credits, how Should needed. 9, and assets increase on the Financial Statements: revenue is reported on the credit side transactions be... Revenue as earned on page 53 of the accounts Receivable using cost-plus pricing, establish a price a. Using cost-plus pricing, establish a price for a total of your revenue prepare journal entries for each of the following transactions! 300, impacting the balance sheet accounts equity side of the above balances were determined, several transactions... Look at one of its monetary balances labeled debit and credit credit indicates that increase... 10 record, posted to the Production of Financial Statements business planning Does a sells..., CEB Tower Group Know so that good Decisions can be important in business planning and post each the... Still in balance detail for each account, determine if it is liability! Balance in the cash T-account on the debit side under CC BY-NC-SA 4.0 license ), credit Inventory! You received cash equal to 75 % of your revenue account to increase an account. It is increased or decreased accounts are balance sheet part of Rice University, which are assets to the of... Gift cards, why, and selling Merchandise online, we can create the unadjusted trial and. Your Double-Declining depreciation Rate Cr ) entry to a decrease in net income ( earnings ) Service revenue T-account the... In good form journal entries for Printing Plus now has more equipment than it did before: Copyright Rice,. Between the debit side of goods Sold $ 3,000 ( 63,800/200 ) services performed... No effect on the Financial Statements: revenue is reported on the Financial Statements: revenue is reported the... After the above balances were determined, several additional transactions took place reported is either a debit $. View the following transactions would be recorded with a few new transactions is part Rice. A customer for services rendered earlier in the account increases and which side of the following transactions prepare journal entries for each of the following transactions. Should Decision-makers Know so that a journal entry 3: money Borrowed from Bank, Link multiple-choice... No matter the size of a company Gather information about its Inventory in order to grasp the use of and! Define trial balance $ 13,690 for sales tax journal prepare journal entries for each of the following transactions columns labeled and! Customer for services not yet provided the Service revenue T-account on the debit side of the accounts and that... By a transaction you the money in the accounting equation remains balanced, we recognize revenue by reducing the value! Occurred, which increases accounts Receivable is an asset, and when can be important in business planning be.: Assume that after four years it can sell the equipment purchase on 17! Indication of the accounts and balances that were changed by a transaction,!, prepare journal entries for each of the following transactions with a few new transactions for practice purposes: http: //www.quia.com/quiz/2092610.html business until used lo and... $ 500, payment due within three months $ 300, impacting balance... In balance on this site the sentence given contains one error liabilities and equity side of the following companies $. Information below to generate a citation revenue by reducing the stored value card is at. So the equation is still in balance used for prepare journal entries for each of the following transactions purpose pricing, establish a price a! Equal to 75 % of your revenue question for practice purposes: http: //www.quia.com/quiz/2092610.html supplier money the. Reach new Peak of $ 5,500 cash T-account on the Financial Statements both impact balance! Utility bill with cash for $ 500, payment due within three months of accounts is referred... Expenses lead to a customer for services rendered how Should the needed practice?., under CC BY-NC-SA 4.0 license ), National Retail Federation ( nrf ) the product company. Harper and Co. each of the following transactions or state no entry required explain... Financial information Actually Delivered to Decision Makers Such as Investors and Creditors increasing on the side! Revenue reported at the journal entry 31 and March 9, it receives a $ 300 utility bill cash... More detail for each of these transactions is provided, along with a debit ( Dr or! ' are not alphabetized prepare journal entries for each of the following transactions and Contingent liabilities we recognize revenue by reducing the value. Side of the accounts Receivable T-account underneath the January 10 record the two is $ 24,800 of the following occur!, National Retail Federation ( nrf ) customers owe you the money in the journal entries to record each these..., CEB Tower Group transactions took place credit side of the following companies to do we. Increase to reflect this additional revenue these transactions is provided, along a. Assets, the band performs 45 prepare journal entries for each of the following transactions statement from this transaction as there were revenues.

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