In: Accounting
Transaction | To Record the Transaction in a Journal Entry, Name the Accounts that you would debit and credit | |
Account to DEBIT | Account to CREDIT | |
Company purchased inventory on account | ||
Company sold/provided services for cash | ||
Company recorded depreciation on equipment for the period | ||
Company paid NEXT YEAR’s insurance premium | ||
Company paid vendor for a prior purchase on account | ||
Company paid utility bill | ||
Company received cash deposit from customer for work to be performed in the future | ||
Company received payment on previous sale made on account | ||
Company purchased machinery with a note | ||
Company issued a bond at face value | ||
Company paid interest due on bond issued at face value | ||
Company issued common stock at par value | ||
Company issued common stock at par value in exchange for a building | ||
Company declared a dividend on common stock | ||
Company paid a previously declared dividend on common stock | ||
Company disposed of equipment that was fully depreciated (no residual) | ||
Company uses the percent of sales method and records estimated bad debts. | ||
Company recorded closing entry for revenue account | ||
Company recorded closing entry for expense account | ||
Company’s bank statement indicated a service charge that had not previously been recorded |
Transaction | To Record the Transaction in a Journal Entry, Name the Accounts that you would debit and credit | |
Account to DEBIT | Account to CREDIT | |
Company purchased inventory on account | Inventory | Accounts payable |
Company sold/provided services for cash | Cash | Revenue |
Company recorded depreciation on equipment for the period | Depreciatione expense | Accumulated depreciation-Equipment |
Company paid NEXT YEAR’s insurance premium | Prepaid insurance | Cash |
Company paid vendor for a prior purchase on account | Accounts payable | Cash |
Company paid utility bill | Utilities expense | Cash |
Company received cash deposit from customer for work to be performed in the future | Cash | Unearned revenue |
Company received payment on previous sale made on account | Cash | Accounts receivable |
Company purchased machinery with a note | Machinery/Equipment | Note payable |
Company issued a bond at face value | Cash | Bonds payable |
Company paid interest due on bond issued at face value | Interest expense | Cash |
Company issued common stock at par value | Cash | Common stock |
Company issued common stock at par value in exchange for a building | Building | Common stock |
Company declared a dividend on common stock | Dividends | Dividend payable |
Company paid a previously declared dividend on common stock | Dividend payable | Cash |
Company disposed of equipment that was fully depreciated (no residual) | Accumulated depreciation | Equipment |
Company uses the percent of sales method and records estimated bad debts. | Bad debt expense | Allowance for doubtful accounts |
Company recorded closing entry for revenue account | Revenue | Retained earnings |
Company recorded closing entry for expense account | Retained earnings | Expenses |
Company’s bank statement indicated a service charge that had not previously been recorded | Service charge expense | Cash |