analysis of journal entries for each of the following journal entries write a descri 691720
Analysis of Journal Entries
For each of the following journal entries, write a description of the underlying event.
|
1. |
Cash |
300 |
|
|
|
Accounts Receivable |
|
300 |
|
2. |
Accounts Payable |
400 |
|
|
|
Inventory |
|
400 |
|
3. |
Cash |
5,000 |
|
|
|
Loan Payable |
|
5,000 |
|
4. |
Cash |
200 |
|
|
|
Accounts Receivable |
700 |
|
|
|
Sales |
|
900 |
|
|
Cost of Goods Sold |
550 |
|
|
|
Inventory |
|
550 |
|
5. |
Prepaid Insurance |
200 |
|
|
|
Cash |
|
200 |
|
6. |
Dividends |
250 |
|
|
|
Dividends Payable |
|
250 |
|
7. |
Retained Earnings |
1,000 |
|
|
|
Dividends |
|
1,000 |
|
8. |
Insurance Expense |
50 |
|
|
|
Prepaid Insurance |
|
50 |
|
9. |
Inventory |
600 |
|
|
|
Cash |
|
150 |
|
|
Accounts Payable |
|
450 |
|
10. |
Allowance for Bad Debts |
46 |
|
|
|
Accounts Receivable |
|
46 |
|
11. |
Interest Expense |
125 |
|
|
|
Interest Payable |
|
125 |
|
12. |
Wages Payable |
130 |
|
|
|
Wages Expense |
75 |
|
|
|
Cash |
|
205 |
|
13. |
Accounts Payable |
500 |
|
|
|
Cash |
|
490 |
|
|
Purchase Discounts |
|
10 |