Homework Answers
Equipment costing $20,000 machine is purchased by paying $5,000 cash and signing a note payable for the remainder.
The given transaction was the following effects :
---- Equipment increases by $20,000
---- Cash decrease by $5,000
---- Note payable increase by $15,000
Following journal entry will be made :
Journal
|
Account Title and Explanation |
Debit |
Credit |
| Equipment | 20,000 | |
| Cash | 5,000 | |
| Note payable | 15,000 | |
| (To record purchase of equipment) |
Trial balance
| Account | Debit | Credit |
| Cash | 14,000 | |
| Prepaid insurance | 700 | |
| Accounts receivable | 3,500 | |
| Accounts payable | 2,800 | |
| Notes payable | 4,200 | |
| Common stock | 5,400 | |
| Dividends | 700 | |
| Revenue | 24,000 | |
| Expenses | 17,500 | |
| Total | 36,400 | 36,400 |
Total credits = $36,400
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