Give the journal entry for the following service/merchandising business transactions without the amount. The owner made an additional cash investmentServices rendered on accountUtilities paidCollected an account of a customerPaid the account of a certain supplierThe salary of the janitor is paidInsurance premium is paidBought merchandise from ABC CompanyBought merchandise for cashPaid freight on the purchasesSold merchandise to Esso Company, 50% down and the balance terms 2/10, n/30A customer returned goodsReceived a partial payment from customerGave a cash refund for defective merchandise returned by the customersReturned to supplier defective goods purchasedPaid insuranceCollected a note receivable from customer

Journal entries refer to recording and classifying the business transaction into books of accounts…

Answered: Give the journal entry for the…

Business

Accounting

Give the journal entry for the following service/merchandising business transactions without the amount.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Give the journal entry for the following service/merchandising business transactions without the amount.

The owner made an additional cash investment
Services rendered on account
Utilities paid
Collected an account of a customer
Paid the account of a certain supplier
The salary of the janitor is paid
Insurance premium is paid
Bought merchandise from ABC Company
Bought merchandise for cash
Paid freight on the purchases
Sold merchandise to Esso Company, 50% down and the balance terms 2/10, n/30
A customer returned goods
Received a partial payment from customer
Gave a cash refund for defective merchandise returned by the customers
Returned to supplier defective goods purchased
Paid insurance
Collected a note receivable from customer

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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