Give the journal entry for each of the transactions without the amounts. 1. The owner invested cash2. Paid telephone bills3. Borrowed money from the PNB4. Bought office tables on credit5. The owner withdrew cash for his personal use6. Bought computers for cash7. Paid electric bills8. Paid the account with the supplier9. Cash received for services rendered10. Billed customers for services rendered11. Bought tools on account12. Paid in full the loan with the bank13. Bought a piece of land making down payment14. Received a promissory note for services rendered15. Bought office supplies on credit16. Paid advertisements17. Paid the services of a lawyer18. Bought newspapers for cash19. Paid telephone bills20. Issued a promissory note for money borrowed21. Bought stamps for cash22. Paid the rent of the office23. Bought a delivery truck with a 40% down payment24. Paid the following expenses: water bills, and insurance premium25. Paid the municipal licenses and permits26. Issued a note in payment of an account27. Received a note from a customer in payment of his account28. Paid the salaries of the following: office clerks and secretary29. Billed customers for services rendered30. Paid promissory note31. Collected a promissory note32. The owner brought home tools for his personal use33. The owner invested his typewriters in the business34. Mortgaged the land with the bank35. Cash services rendered to various customers36. Collected the rental of a tenant37. Paid interest on the loan38. Collected the interest on the note receivable39. Misc. income received40. Misc. expenses paid41. Bought ball pens and papers on account42. Sold the land for cash43. Bought filing cabinets on credit

Journal entry is a primary entry that records the financial transactions initially.

Answered: journal entry for each of the…

Business

Accounting

journal entry for each of the transactions

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Give the journal entry for each of the transactions without the amounts.

1. The owner invested cash
2. Paid telephone bills
3. Borrowed money from the PNB
4. Bought office tables on credit
5. The owner withdrew cash for his personal use
6. Bought computers for cash
7. Paid electric bills
8. Paid the account with the supplier
9. Cash received for services rendered
10. Billed customers for services rendered
11. Bought tools on account
12. Paid in full the loan with the bank
13. Bought a piece of land making down payment
14. Received a promissory note for services rendered
15. Bought office supplies on credit
16. Paid advertisements
17. Paid the services of a lawyer
18. Bought newspapers for cash
19. Paid telephone bills
20. Issued a promissory note for money borrowed
21. Bought stamps for cash
22. Paid the rent of the office
23. Bought a delivery truck with a 40% down payment
24. Paid the following expenses: water bills, and insurance premium
25. Paid the municipal licenses and permits
26. Issued a note in payment of an account
27. Received a note from a customer in payment of his account
28. Paid the salaries of the following: office clerks and secretary
29. Billed customers for services rendered
30. Paid promissory note
31. Collected a promissory note
32. The owner brought home tools for his personal use
33. The owner invested his typewriters in the business
34. Mortgaged the land with the bank
35. Cash services rendered to various customers
36. Collected the rental of a tenant
37. Paid interest on the loan
38. Collected the interest on the note receivable
39. Misc. income received
40. Misc. expenses paid
41. Bought ball pens and papers on account
42. Sold the land for cash
43. Bought filing cabinets on credit

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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