1. a customer makes a payment on account. what would the journal entry look like?
DESCRIPTION
1. A customer makes a payment on account. What would the journal entry look like?. 1. A customer makes a payment on account. What would the journal entry look like?. 2. What would the journal entry look like when a business buys equipment on account?. - PowerPoint PPT PresentationTRANSCRIPT
![Page 1: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/1.jpg)
1. A customer makes a payment on account. What would the journal entry look like?
![Page 2: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/2.jpg)
1. A customer makes a payment on account. What would the journal entry look like?
Cash XXX Accounts Rec. XXX
![Page 3: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/3.jpg)
2. What would the journal entry look like when a business buys equipment on account?
![Page 4: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/4.jpg)
2. What would the journal entry look like when a business buys equipment on account?
Equipment XXX Accounts Payable XXX
![Page 5: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/5.jpg)
3. What would the journal entry look like when a business pays for equipment purchased on account?
![Page 6: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/6.jpg)
3. What would the journal entry look like when a business pays for equipment purchased on account?
Accounts Payable XXX Cash XXX
![Page 7: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/7.jpg)
4. What would the journal entry look like when a business pays for equipment with cash?
![Page 8: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/8.jpg)
4. What would the journal entry look like when a business pays for equipment purchased on account?
Equipment XXX Cash XXX
![Page 9: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/9.jpg)
5. A business pays salaries of $50,000 on the first and 15th of each month. What would be the adjusting entry required on the 31st?
![Page 10: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/10.jpg)
5. A business pays salaries of $50,000 on the first and 15th of each month. What would be the adjusting entry required on the 31st?
Salary Expense XXX Salary Payable XXX
![Page 11: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/11.jpg)
6. A business uses a perpetual inventory method. What entry would be made to purchase inventory on account?
![Page 12: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/12.jpg)
6. A business uses a perpetual inventory method. What entry would be made to purchase inventory on account?
Inventory XXX Accounts Payable XXX
![Page 13: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/13.jpg)
7. A business uses a perpetual inventory method. What entry would be made to purchase inventory on account with terms of 2/10 net 30?
![Page 14: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/14.jpg)
7. A business uses a perpetual inventory method. What entry would be made to pay inventory on account with terms of 2/10 net 30?
Accounts Payable XXX Inventory XXX Cash XXX
![Page 15: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/15.jpg)
8. How would you record a return of merchandise? (from customer to your business)
![Page 16: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/16.jpg)
8. How would you record a return of merchandise? (from customer to your business)
Inventory XXX Accounts Receivable
XXX
![Page 17: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/17.jpg)
9. How would you record a sale of $1000 inventory on account? Cost of goods sold is $600
![Page 18: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/18.jpg)
9. How would you record a sale of $1000 inventory on account? Cost of goods sold is $600
Cost of Goods Sold XXX Inventory XXX
Accounts Receivable XXX Sales Revenue XXX
![Page 19: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/19.jpg)
10. What entry would be made to establish a petty cash fund?
![Page 20: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/20.jpg)
10. What entry would be made to establish a petty cash fund?
Petty Cash XXX Cash XXX
![Page 21: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/21.jpg)
11. Petty Cash was established with $300. The current balance is $50.Office supplies $100Delivery Expense$144What is the entry to replenish that?
![Page 22: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/22.jpg)
11. Petty Cash was established with $300. The current balance is $50.Office supplies $100Delivery Expense$144What is the entry to replenish that?
Office Supply Expense
100
Delivery Expense 144Cash Short/Over 6 Cash 250
![Page 23: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/23.jpg)
12. What is the entry to record borrowing a 10% note payable. Borrowed amount is $10,000.
![Page 24: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/24.jpg)
12. What is the entry to record borrowing a 10% note payable. Borrowed amount is $10,000.
Cash 10000
Notes Payable 10000
![Page 25: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/25.jpg)
13. What is the entry for paying back a 10% note payable. Borrowed amount is $10,000.
![Page 26: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/26.jpg)
13. What is the entry for paying back a 10% note payable. Borrowed amount is $10,000.
Notes Payable 10,000
Interest Payable 1,000 Cash 11,00
0
![Page 27: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/27.jpg)
14. What is the entry for recording a dividend that was previously declared? The dividend is $.50 per share on 50,000 shares
![Page 28: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/28.jpg)
14. What is the entry for recording a dividend that was previously declared? The dividend is $.50 per share on 50,000 shares
Dividends Payable 25,000
Cash 25,000
![Page 29: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/29.jpg)
15. Furniture purchased for $20,000Accumulated Depreciation $17,000Sold for $3,500What is the journal entry for the sale of this furniture?
![Page 30: 1. A customer makes a payment on account. What would the journal entry look like?](https://reader035.vdocuments.net/reader035/viewer/2022062815/568168ad550346895ddf6125/html5/thumbnails/30.jpg)
15. Furniture purchased for $20,000Accumulated Depreciation $17,000Sold for $3,500What is the journal entry for the sale of this furniture?
Accumulated Depreciation 17,000
Cash 3,500 Gain on Sale of furniture
500
Furniture 20,000