General journal entry Flashcards
Owner contributes cash to the business $13000
Details Ref Debit Credit
Cash 100 13,000
Share capital 300 13,000
(Contribution of capital by owner)
Owner contributes supplies $5000
Details Ref Debit Credit
Supplies 104 5,000
Share capital 300 13,000
(Contribution of supplies by owner)
Money received from bank loan $25,000
Details Ref Debit Credit
Cash 100 25,000
Bank loan (L) 210 25,000
(Loan moneys received from bank)
Wages paid to staff $5000
Details Ref Debit Credit
Wages expense 501 5,000
Cash 100 5,000
(Payment of wages to staff)
Services provided to clients for cash $35,000
Details Ref Debit Credit
Cash 100 35,000
Services revenue 400 35,000
(Services provided to clients for cash)
Services provided to clients on credit $22,000
Details Ref Debit Credit
Account receivable 101 22,000
Service revenue 400 22,000
(Services provided to clients on credit)
Purchase supplies on credit $1,500
Details Ref Debit Credit
Supplies 104 1,500
Account payable 200 1,500
(Purchase of supplies on credit)
Issues of shares to new and existing shareholders.
Details
Cash
Share capital
(Issues of shares to shareholders)
Receipt of money owing by customer
Details
Cash
Account receivable
(Receipt of money owing by customer)
Paid interest on a loan previously taken out
Interest expense
Cash
(Payment of interest on a loan previously taken out)
Purchased a business vehicle with a loan from the bank
Vehicle
Bank loan
(Purchase of a business vehicle with a loan from the bank)
Payment to be made next month for advertising services during the month
Advertising expense
Accounts payable
(Payment to be made next month for advertising services during the month)
Repaid a short-term loan from the bank in full
Bank loan
Cash
(Repayment of a short-term loan from the bank in full)
