Adjusting Journal Entries Exercises With Answers Gestuas Problems 2: prepare general journal entries for the following transactions of a business called pose for pics in 2016: aug. 1: hashim khan, the owner, invested rs. 57,500 cash and rs. 32,500 of photography equipment in the business. 04: paid rs. 3,000 cash for an insurance policy covering the next 24 months. 17. record journal entries for the following transactions. after recording the transactions, prepare a “t account” and balance the accounts payable account. a. borrowed $50,000 from the bank, agreed to repay it in 3 years b. purchased manufacturing equipment for $20,000 cash c. purchased office furniture on account, $2,700 d.
Solution Basic Accounting Journal Entries Exercise With Answers Basic accounting journal entries exercise. by fatima. (philippines) before you begin: for purposes of testing and exams it's important to make sure you not only answer exercises correctly but do so at the right speed. use a watch or clock to time yourself while attempting this journal entries exercise. 1) you get something (asset) and you give up something to get it (an asset or a liability) 2) you provide goods or services in exchange for an asset. 3) you are provided services (expense) that you pay for now or will pay for later (liab) 4) you use an asset (expense) in your day to day business to get revenues. Capital is an internal liability for the business hence credit the increase in liabilities. example – max started a business with 10,000 in cash. cash a c. 10,000. to capital a c. 10,000. (capital introduced by max in cash for 10,000) related topic – all journal entries on one page. 2. Record journal entries for the following transactions. prepare “t accounts” for each balance sheet account and prepare a balance sheet. a. paid $22,000 to suppliers owed b. paid employees the full amount owed c. repaid $5,000 to the bank d. collected one half of what customers owe the company e. purchased inventory on account for $10,000 f.
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