Preparation of Journal Entries:TransactionAccount Titles and ExplanationsDebitCreditaCash$ 45,000 Notes Payable $ 45,000 (To record amount borrowed from bank) bLand$40,000 Cash $40,000 (To record land purchased) cCash$ 5,000 Service Revenue $ 5,000 (To record service revenue) dSupplies$ 300 Accounts Payable $ 300 (To record supplies purchased on account) eAccounts Recievable$ 2,600 Service Revenue $ 2,600 (To record service revenue on account) fAccounts Payable$ 1,200 Cash $ 1,200 (To record cash paid to creditors) gSalaries Expenses$ 3,000 Rent Expenses$ 1,500 Interest Expenses$ 400 Cash $ 4,900 (To record expenses) hCash$ 3,100 Accounts Receivable $ 3,100 (To record cash received from debtors) iUtilities Expenses$ 200 Accounts payable/ Utilities payable $ 200 (To record accrued utilities expense) jDividend$ 1,800 Cash $ 1,800 (To record dividend) 1. post the transaction from the journal to the ledgar and compute the balance in each account after all the transcation have been posted

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Description: Preparation of Journal Entries:TransactionAccount Titles and ExplanationsDebitCreditaCash$ 45,000 Notes Payable $ 45,000 (To record amount borrowed from bank) bLand$40,000 Cash $40,000 (To record land purchased) cCash$ 5,000 Service Revenue $ 5,

BookkeepingBookkeeping is the process of recording daily transactions in books of accounts.…

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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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Preparation of Journal Entries:

Transaction	Account Titles and Explanations	Debit	Credit
a	Cash	$ 45,000
	Notes Payable		$ 45,000
	(To record amount borrowed from bank)
b	Land	$40,000
	Cash		$40,000
	(To record land purchased)
c	Cash	$ 5,000
	Service Revenue		$ 5,000
	(To record service revenue)
d	Supplies	$ 300
	Accounts Payable		$ 300
	(To record supplies purchased on account)
e	Accounts Recievable	$ 2,600
	Service Revenue		$ 2,600
	(To record service revenue on account)
f	Accounts Payable	$ 1,200
	Cash		$ 1,200
	(To record cash paid to creditors)
g	Salaries Expenses	$ 3,000
	Rent Expenses	$ 1,500
	Interest Expenses	$ 400
	Cash		$ 4,900
	(To record expenses)
h	Cash	$ 3,100
	Accounts Receivable		$ 3,100
	(To record cash received from debtors)
i	Utilities Expenses	$ 200
	Accounts payable/ Utilities payable		$ 200
	(To record accrued utilities expense)
j	Dividend	$ 1,800
	Cash		$ 1,800
	(To record dividend)

1. post the transaction from the journal to the ledgar and compute the balance in each account after all the transcation have been posted

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