Journal-entries-exercises-with-answers -

Accounting Principles: Journal Entry T Account Practice Problem

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 journal-entries-exercises-with-answers

Prepare the journal entries for the following business transactions: 000 cash immediately.

: Paid $2,000 toward the equipment purchased in Transaction #2. journal-entries-exercises-with-answers

: The company buys office equipment for $5,000 on credit. Expense Payment : Paid $1,200 for the current month's rent.

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

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