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More Than Basic 5 Journal Entries

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Mohd Azeem
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46 views2 pages

More Than Basic 5 Journal Entries

Uploaded by

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

6.

Receipt of Cash from Accounts Receivable

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Debit: Cash $1,500
Credit: Accounts Receivable $1,500

Explanation: Cash is received from customers for credit sales.

7. Depreciation Expense

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Debit: Depreciation Expense $800
Credit: Accumulated Depreciation $800

Explanation: Depreciation expense is recorded for the period.

8. Purchase of Equipment

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Debit: Equipment $15,000
Credit: Cash $15,000

Explanation: Equipment is purchased for cash.

9. Accrued Salaries Expense

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Debit: Salaries Expense $2,000
Credit: Salaries Payable $2,000

Explanation: Salaries are accrued at the end of the period.

10. Payment of Utility Bill

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Debit: Utilities Expense $300
Credit: Cash $300

Explanation: Payment is made for utility expenses.

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