Analysis of Journal Entries For each of the following journal entries, write a description of the…
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Analysis of Journal Entries
For each of the following journal entries, write a description of the underlying event.
1.
Cash
300
Accounts Receivable
300
2.
Accounts Payable
400
Inventory
400
3.
Cash
5,000
Loan Payable
5,000
4.
Cash
200
Accounts Receivable
700
Sales
900
Cost of Goods Sold
550
Inventory
550
5.
Prepaid Insurance
200
Cash
200
6.
Dividends
250
Dividends Payable
250
7.
Retained Earnings
1,000
Dividends
1,000
8.
Insurance Expense
50
Prepaid Insurance
50
9.
Inventory
600
Cash
150
Accounts Payable
450
10.
Allowance for Bad Debts
46
Accounts Receivable
46
11.
Interest Expense
125
Interest Payable
125
12.
Wages Payable
130
Wages Expense
75
Cash
205
13.
Accounts Payable
500
Cash
490
Purchase Discounts
10
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