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Journal Entries for Business Transactions

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a7medassem12000
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12 views1 page

Journal Entries for Business Transactions

Uploaded by

a7medassem12000
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Exercise

1. Henry Humble, the owner, invests $38,000 cash along with office
equipment valued at $15,000 in the company.
2. The company made credit purchases for $8,000 in office
equipment and $2,400 in office supplies. Payment is due within 10
days.
3. The company completed work for a client and immediately
received $3,280 cash.
4. The company completed a $15,400 project for a client, who must
pay within 30 days.
5. The company paid $10,400 cash to settle the payable created on
transaction 2.
6. The company received $7,700 cash as partial payment for the work
completed on transaction 4.
7. The company completed work for another client for $2,100 on
credit.
8. Henry Humble withdrew $5,300 cash from the company for
personal use.
9. The company purchased $550 of additional office supplies on
credit.
10. The company paid $860 cash for this month’s utility bill.

Record the above transactions using journal entries.

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