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Journal Entries Questions
Prepare the journal entries for the following transactions:
1. The business received 412,000 cash from Mr.Y for investment in a business.
2. The company …
Journal Entry Question :
Cash Purchase of Asset
Q: Record the journal entry for the following transaction:
Purchase a car for $2,000 in cash
Which Accounts are Affected by these Transactions?
Q: Which accounts are affected in each of the following transactions?
April 3 Purchased office supplies on account, $300.
April 4 Received prepayment …
Entry for Purchase Returns
Q: What is the entry for when the purchases are returned?
A: It is the opposite of the entry for when you purchased something.
When you purchase …
Interest charged by the creditor on an overdue account...
would be credit or debit?
On March 1, 2008, Giny Tyler established Seltzer Reality. Ginny completed the following transactions during the month of March:
a. Opened a business …
1/04/1991 XYZ started business - capital of shilling 16000
2/04 purchase machinery of sh.7000.
3/04 bought future from sh.300.
7 " purchased goods …
Expenditure: Capital vs Revenue in Nature?
Q: State with reasons whether the following expenditure items are capital or revenue in nature:
Purchase of Land.
Installation of Plant and Machinery …
I HAVE COMPLETED MY FIRT TEST EACH AND EVERYTIME I TRIED TO SUBMIT, IT WILL TELL ME TRY AGAIN MORE THAN SEVEN TIMES.
Did you type in your first name, …
Creditor or Debtor Account
Q: What are the details of either a creditor or debtor ledger account? I mean what will the debit and credit side of the ledger look like?
A: Thank …
I completed my first test. Everytime I type in the word in the box, it tells me try again. I have tried six times to type the word in the box. what is …
Click here to write your own.