Answered: Journal entry 1. You buy a computer for…

Business

Accounting

Journal entry 1. You buy a computer for $1,500.00 on credit DR: $1,500.00 CR: $1,500.00 2. You nurchase for

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section3.2: Transactions Affecting Prepaid Insurance And Supplies

Problem 1WT

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Concept explainers

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.

Question

ADDITIONAL PRACTICE PROBELM: TRANSACTION JOURNAL ENTRIES
Do you know your Left from your Right?
Debits and Credits as you shop
Instructions: Below are some examples of transactions that college students might engage in. For each
transaction record the proper journal entry.
Transaction
Journal entry
1. You buy a computer for $1,500.00 on credit
DR:
$1,500.00
CR:
$1,500.00
| 2. You purchase for cash ($2.00) and consume a
DR:
$2.00
St. Pauli Girl at the local pub.
CR:
$2.00
3. You purchase for future consumption a case
DR:
$35.00
of St. Pauli Girl for $35.00 cash
CR:
$35.00
4. You work a part-time job and receive $500 in
DR:
$500.00
monthly compensation
CR:
$500.00
5. You pay $1,000 toward the computer purchased DR:
$1.000.00
in (1) above.
CR:
$1,000.00

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