Question

Prepare 9 journal entries based on T accounts.

EX 2-14. Journal entries Obj. 1, 2 Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from which the postings were made. Journal entry ex planations may be omit- ted. SHOW ME HOW

T accounts:

Answer 1

Ans- Journal Entries

Transaction	Account Titles and Explanation	Debit	Credit
1)-	Cash A/c Dr.	50,000
	Common Stock A/c		50,000
	(To record the issuance of common stock)
2)-	Supplies A/c Dr.	3,400
	Cash A/c		3,400
	(To record the payment for supplies)
3)-	Equipment A/c Dr.	15,000
	Cash A/c		5,000
	Accounts Payable A/c		10,000
	(To record the purchase of equipment for 15,000 in which 5,000 paid in cash and remaining will be paid later)
4)-	Operating Expenses A/c Dr.	4,850
	Cash A/c		4,850
	(To record the operating expenses paid in cash)
5)-	Accounts Receivable A/c Dr.	18,200
	Service Revenue A/c		18,200
	(To record earned service on account)
6)-	Accounts Payable A/c Dr.	2,500
	Cash A/c		2,500
	(To record the 2,500 paid for purchase equipment on credit )
7)-	Cash A/c Dr.	8,700
	Accounts Receivable A/c		8,700
	(To record the cash received from customers being service earned on account)
8)-	Operating Expenses A/c Dr.	1,100
	Supplies A/c		1,100
	(To record operating expenses paid in supplies)
9)-	Dividends A/c Dr.	1,000
	Cash A/c		1,000
	(To record the dividends paid in cash)

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