Question

GENERAL JOURNAL ENTRIES

A company has following happened in last year

A) Purchased buildings costing $386 and equipment costing $194

B) Borrowed $91 from a ban, signing a short term note

C) Provided $57,671 in service to customers during the year, with $22,860 on account and rest recieved in cash

D) Paid $890 cash on accounts payable

E) Purchased $2,000 of inventory on account

F)Inccurred $140 in utility usage during the year, paid 92 in cash and owed rest on account

G) Received $2,700 on accounts paid by customer

H) Purchased and used fuel of $1,600 cash in delivery during the year

I) Declared $989 in dividends at end of year to be paid the following year

J) Paid payroll, $2,300 during the year

Answer 1

Date	Account title	Debit	Credit
A	Building	$        386
	Equipment	$        194
	Cash		$        580
	(To record purchase of building and Equipment)
B	Cash	$           91
	Note Payable		$           91
	(To record borrowing from bank by signing note)
C	Cash ($57,671-$22,860)	$   34,811
	Accounts Receivable	$   22,860
	Service Revenue		$   57,671
	(To record service performed during the year)
D	Accounts payable	$        890
	Cash		$        890
	(To record payment of cash on accounts payable)
E	Inventory	$     2,000
	Accounts Payable		$     2,000
	(To record purchase of inventory on account)
F	Utilities Expenses	$        140
	Cash		$           92
	Accounts Payable		$           48
	(To record utilities expense incurred for the year)
G	Cash	$     2,700
	Accounts Receivable		$     2,700
	(To record cash received on account)
H	Fuel expenses/Delivery expenses	$     1,600
	Cash		$     1,600
	(To record purchase of fuel for delivery)
I	Dividends	$        989
	Dividends payable		$        989
	(To record dividends declared)
J	Salaries expenses	$     2,300
	Cash		$     2,300
	(To record payroll for the year)

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