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tombob
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$10.00 Journal Entries

• From Business: Finance
• Closed, but you can still post tutorials
• Due on Dec. 19, 2008
• Asked on Dec 19, 2008 at 9:44:56PM

Q:

Hello, again!

Here is another Finance/Accounting Exercise that I need your assistance with:

Analysis of Journal Entries

The following journal entries are from the books of Kara Elizabeth Company:

a. Buildings..................................... 90,000
Cash....................................... 35,000
Mortgage Payable........................... 55,000
b. Cash.......................................... 25,000
Capital Stock.............................. 25,000
c. Cash.......................................... 40,000
Loan Payable............................... 40,000
d. Salary Expense................................ 12,000
Cash......................................... 12,000
e. Inventory..................................... 12,500
Accounts Payable............................. 12,500
f. Accounts Receivable........................... 84,000
Sales........................................ 84,000
g. Cash.......................................... 62,000
Accounts Receivable.......................... 62,000
h. Accounts Payable.............................. 38,000
Cash......................................... 38,000

For each of the journal entries, prepare an explanation of the business event that is being represented.

 

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