Journal Entry Scenarios

Guess the journal entry proforma for the provided transaction: Purchase Supplies – 50% Cash, 50% on Account

• 
• Debit Cash, Credit Supplies, Debit Accounts Payable

• Debit Accounts Payable, Credit Cash, Credit Supplies

• Debit Supplies, Debit Cash, Credit Accounts Receivable

Guess the journal entry proforma for the provided transaction: Sold a Building – 50% Cash, 50% on Account

• 
• Debit Building, Credit Cash, Credit Accounts Receivable

• Debit Cash, Credit Building, Credit Accounts Receivable

• Debit Accounts Receivable, Credit Cash, Credit Building

Guess the journal entry proforma for the provided transaction: Sold a Machine on Account

• 
• Debit: Cash, Credit: Sales Revenue

• Debit: Inventory, Credit: Accounts Payable

• Debit: Equipment, Credit: Cash

Guess the journal entry proforma for the provided transaction: Paid Salaries of Assistant for the Month

• 
• Debit Cash, Credit Salaries Expense

• Debit Salaries Payable, Credit Cash

• Debit Assistant Salaries, Credit Accounts Payable

Guess the journal entry proforma for the provided transaction: Paid Rent Billed Previously

• 
• Debit Cash, Credit Rent Expense

• Debit Rent Payable, Credit Cash

• Debit Rent Expense, Credit Rent Payable

Guess the journal entry proforma for the provided transaction: Owner’s Withdrawal

• 
• Debit Cash, Credit Owner’s Equity

• Debit Withdrawals, Credit Cash

• Debit Cash, Credit Withdrawals

Guess the journal entry proforma for the provided transaction: Paid 4 Months Rent in Advance

• 
• Debit Prepaid Rent, Credit Cash

• Debit Cash, Credit Rent Expense

• Debit Rent Payable, Credit Cash

Guess the journal entry proforma for the provided transaction: Rendered Services Paid in Cash

• 
• Debit Service Revenue, Credit Cash

• Debit Accounts Receivable, Credit Service Revenue

• Debit Cash, Credit Accounts Payable

Guess the journal entry proforma for the provided transaction: Sold Equipment for Cash

• 
• Debit Equipment, Credit Cash

• Debit Cash, Credit Sales

• Debit Sales, Credit Equipment

Guess the journal entry proforma for the provided transaction: Purchase Machines on Account

• 
• Debit: Accounts Payable, Credit: Cash

• Debit: Cash, Credit: Machines

• Debit: Machines, Credit: Inventory