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11 paź 2023 · Previous Lesson: Accounting Variation Proforma Problems and Solutions. Next Lesson: General Ledger Practice Questions. Journal entry is first step in accounting cycle. In order to understand accounting, you need to practice journal entry problems and solutions.
Question: Record the journal entries for the following: 1 - Business started with cash 8,000 and plant & machinery 3,000. 2 - Stock purchase for sale (cash purchase) = 3,000, credit purchase = 5,000 3 - Wages paid 120,000 (including 20,000 relating to a future year). 4 - Salaries paid 200,000 but due 110,000. 5 - Sales made for cash 600,000 and ...
An accounting journal entry is the written record of a business transaction in a double entry accounting system. Every entry contains an equal debit and credit along with the names of the accounts, description of the transaction, and date of the business event.
Here are examples of transactions, their journal entries, and explanation on how we prepared them. Learn how to prepare journal entries correctly in this lesson ...
The journal book must record every business transaction, which means entries need to be made. In accounting lingo, this is called a journal entry. We will provide you with 20 frequently asked journal entry examples on Google along with their logic.
16. Record journal entries for following transactions. After recording the transactions, prepare a “T account” and balance the cash account. a. Issued stock to investors for $125,000 cash. b. Purchased office furniture for $3,200, agree to pay the entire amount in 2 years.
A complete journal entry is made of 6 elements: a reference number, date, account section, debits, credits, and a journal explanation. You can record these journal entries into either a General Journal or a Special Journal .
