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

See similar textbooks

Similar questions

Describe how accounts are used to record information about the effects oftransactions?
Which accounts commonly requires both debit and credit entries?
Explain the differences between a CD, a checking account, and a saving account.
Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledger
Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. c. Issued 20,000 shares of preferred 2% stock at $84. d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share. f. Declared cash dividends of $1.60 per share on preferred…
Instructions Adele Corp., a wholesaler of music equipment, issued $31,400,000 of 20-year, 5% callable bonds on March 1, 20Y1, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions Refer to the Chart of Accounts for exact wording of account fifles 20Y1 Mar. Sept. 20Y5 Sept. Chart of Accounts Journal 1 Issued the bonds for cash at their face amount. Paid the interest on the bonds 1 1 Called the bond issue at 103, the rate provided in the bond indenture. (Omit entry for payment of interest.) X
Show a journal entry writing off an account using both the allowance method and the direct write-off method. NOTE: YOU CAN INCLUDE ANY AMOUNTS AS LONG AS THEY MAKE SENSE, BUT DO NOT FORGET TO INCLUDE ACTUAL NUMBERS FOR THIS JOURNAL SHOWING BOTH METHODS AS STATED ABOVE. THIS CAN BE MADE UP BUT DO NOT FORGET THE NUMBERS.
Pharoah Company had these transactions during the current period. June 12 July 11 Nov. 28 Issued 81,500 shares of $1 par value common stock for cash of $305,625. Issued 4,150 shares of $102 par value preferred stock for cash at $109 per share. Purchased 3,050 shares of treasury stock for $9,800. Prepare the journal entries for the Pharoah Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)