Journal entry for company, Financial Accounting

Assignment Help:

1. Think about the transactions listed below.
a. A company obtains a $10,000 loan from a bank.
b. A company purchases $15,000 of inventory from its suppliers. They paid $5,000 today and will pay the reminder at a later date.
c. A company makes a $20,000 sale. The customer will pay in 30 days.
For each transaction:
i. What accounts would be impacted?
ii. Would those accounts increase or decrease?
iii. What would you debit and what would you credit if you were doing a journal entry?


Related Discussions:- Journal entry for company

Effect of winding up order-liquidation of companies, Effect of Winding-up O...

Effect of Winding-up Order The consequences of a winding-up order are: 1) Any disposition of the company's property and any transfer of shares is void, unless the court otherwis

Other aspects of the consolidated balance sheet, OTHER ASPECTS OF THE CONSO...

OTHER ASPECTS OF THE CONSOLIDATED BALANCE SHEET The consolidated balance sheet may require a special approach under the following situations: 1) Pre-acquisition losses in subs

What do you understand by accumulated funds, QUESTION 1: Part A Ma...

QUESTION 1: Part A Malcolm was in business as an import merchant and the following balances were extracted from his books on 31st December 2003: Purchases

Explain the money market products, Question 1 Explain the functions of mer...

Question 1 Explain the functions of merchant banking and functions of financial intermediaries Question 2 What do you understand by book building and Green shoe option? Ex

Investment tax credit, Investment Tax Credit - This is a component of gener...

Investment Tax Credit - This is a component of general business credit and comprises the following: 1. Energy credit 2. Rehabilitation credit 3. Reforestation credit

Scheduling or budgeting, Tool Belt Store (TBS) is expanding its chain of ha...

Tool Belt Store (TBS) is expanding its chain of hardware stores across the country. TBS has more than 5,000 full-time employees and more than 20,000 part-time employees. TBS recent

Monetary policy, Monetary Policy Unlike fiscal policy, monetary policy...

Monetary Policy Unlike fiscal policy, monetary policy is set by unelected officials. A group of economists is appointed by the executive branch and confirmed by the Senate to

Financial and managerial accounting, You have been hired as consultants to ...

You have been hired as consultants to advise Mr D of DN Company limited on the performance of his company which has been  in business for two years. He has provided you with a subs

How do u find the retained earnings?, How do i find the retained earnings? ...

How do i find the retained earnings? What is the formula to find retained earnings? What is the retained earnings? Accounts payable $ 5,000 Notes payable $ 7,000 Accounts receivabl

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd