Question

Record the following journal entries using the debits and credits format. 1. The company borrows $6,000 cash from the bank. Journal Entry Accounts Debit Credit Select ] V [ Select ] w [Select) [Select 2. The company paid employees for a week's work in the amount of $500. Journal entry Accounts Debit Credit [ Select] V [Select] [ Select [Select 3. The company purchased a new computer on account for $2,000. Journal Entry Accounts Debit Credit

Answer 1

Credit Solution 1 Accounts Cash Bank Loan (To record Borrowings form bank) Debit 6,000 $ $ 6,000 Credit Solution 2 Accounts Salary Expense Cash (To record payment to employees) Debit 500 $ $ 500 Credit Solution 3 Accounts Computer Accounts Payable (To record purchase of computer) Debit 2,000 $ $ 2,000 Credit Solution 4 Accounts Debit Accounts Receivables $ 3,000 Service Revenue (To record revenue from services rendered) $ 3,000 Credit Solution 5 Accounts Debit Cash $ 3,000 Accounts Receivables (To record collection of cash from customer) $ 3,000

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