Create journal entries to record the following transactions. 1. James purchases a 5,000 piece of equipment. 2. James writes his monthly check for rent. 3,000 3. James take out a 25,000 loan with his banks. 4. James sold his car for 20,000 to Nadine as credit 5. James received 10,000 cash from Nadine as payment to her credit.

Create journal entries to record the following transactions. 1. James purchases a 5,000 piece of equipment. 2. James writes his monthly check for rent. 3,000 3. James take out a 25,000 loan with his banks. 4. James sold his car for 20,000 to Nadine as credit 5. James received 10,000 cash from Nadine as payment to her credit.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter1: Starting A Proprietorship: Changes That Affect The Accounting Equation

Section1.1: Accounting In Action

Problem 1WT

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What is the journal entry for this transaction: Jethro bought an SUV at a value of $50,000 for his business, paid 11% down payment, and finances the remainder with a note. Debit SUV, $50,000, credit cash $5,500, credit accounts payable $44,500 Debit SUV, $50,000, credit cash $5,500, credit accounts receivable $44,500 Debit SUV, $50,000, credit cash $5,500, credit notes payable $44,500 Debit SUV, $50,000, credit cash $50,000
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