Journal-entries-exercises-with-answers [SAFE]

: Paid $2,000 toward the equipment purchased in Transaction #2.

: The owner invests $50,000 cash into the business.

: The business paid $500 in cash dividends to stockholders. Solutions & Explanations journal-entries-exercises-with-answers

In accounting, journal entries are the first step in the accounting cycle , recording financial transactions using (left side) and credits (right side). The fundamental rule is that total debits must always equal total credits . Practice Exercises

Accounting Principles: Journal Entry T Account Practice Problem : Paid $2,000 toward the equipment purchased in

: Collected $1,000 from the customer billed in Transaction #5.

: Performed services and received $3,000 cash immediately. : Paid $2

: Performed services for $2,500 and billed the customer (on account).