Corporation comprehensive problem purchase of insurance where we will enter the journal entry related to the purchase of insurance. We will journalize the journal entry to the general journal, post the accounting transaction to the general ledger, and create the trial balance from the general ledger. The journal entry will debit prepaid insurance, an asset,… Continue reading Corporation Comp Prob Purchase Insurance – Journal Entry Purchase Insurance
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Notes Payable Adjusting Entry – Adjusting Journal Entry for Notes Payable
Adjusting journal entry for notes payable will discuss options for setting up a system for recording notes payable in an accounting system. Adjusting entries are entries made at the end of an accounting period, at the end of a month or year. Adjusting entries are planned entries. When entering payments for an installment not we… Continue reading Notes Payable Adjusting Entry – Adjusting Journal Entry for Notes Payable
Proprietor Comp Prob Customer Payment Unearned Revenue – 60 Journal Entry for Unearned Revenue
Comprehensive sole proprietorship problem recording journal entry related to unearned revenue. The journal entry will be journalized in the general journal, posted to the general ledger and be used to create the trial balance. Unearned revenue is a result of receiving cash that has not yet been earned. In other words, cash is received before… Continue reading Proprietor Comp Prob Customer Payment Unearned Revenue – 60 Journal Entry for Unearned Revenue
Amortization Schedule – Notes Payable Amortization Table Creation
Putting together a notes payable amortization schedule so that we can break out loan payments between interest and principle. Many loans we are familiar with are installment loans which have equal payments to repay the loan. To make the loan payments equal the interest and principal reduction will differ from payment to payment, which can… Continue reading Amortization Schedule – Notes Payable Amortization Table Creation
Corporation Comp Prob Revenue on Account 50 Journal Entry for Revenue and Accounts Receivable
Corporation comprehensive problem recording the earning of revenue on account. In other words, we will record the journal entry for revenue earned for doing work, but for which cash has not yet been received. We will enter the accounting journal entry into the general journal, then post it to the general ledger, and create the… Continue reading Corporation Comp Prob Revenue on Account 50 Journal Entry for Revenue and Accounts Receivable
Bonds & Notes Payable Introduction
Bonds and notes payable will be forms of raising capital for a company. In other words a company that needs cash for operations can raise capital using different options. They may take a loan form the bank, issue stock, or issue bonds. each option has pros and cons. Issuing stock results in selling equity interest… Continue reading Bonds & Notes Payable Introduction
Corporation Comp Prob Supplies Purchase – 40 Journal Entry Supplies Purchase on Account
Supplies purchase on account for a corporation will record the purchase of supplies with no cash. We will enter the accounting journal entry for supplies in the general journal and then post the accounting transaction to the general ledger, that will be used to generate the trial balance. We will debit the asset supplies and… Continue reading Corporation Comp Prob Supplies Purchase – 40 Journal Entry Supplies Purchase on Account
Partnership Withdraws – Partners Draws Journal Entry
Partners withdraws will record the journal entry for the partners in a partnership withdrawing cash for personal use. We will enter the partners draws journal entry in a general journal for three partners and then post the draws journal entry to a worksheet so we can see the effect on the accounting equations, accounts, and… Continue reading Partnership Withdraws – Partners Draws Journal Entry
Partnership Comp Prob Equipment Purchase 30 Accounting Comprehensive Problem
Partnership accounting comprehensive problem will record a journal entry related to the purchase of equipment for cash. We will enter the accounting journal entry into the general journal, post it to the general ledger, and create the trial balance from the general ledger. We will debit equipment and credit cash. For more accounting information see… Continue reading Partnership Comp Prob Equipment Purchase 30 Accounting Comprehensive Problem
Preferred Stock Example – Preferred Stock Dividend
Preferred stock dividend example problem will discuss the process for determining the amount of a dividend to be paid to the preferred stock holders as compared to the common stock holders. Preferred stock holder get paid before common stock holders but have a limit to the amount they will receive. In a corporation the board… Continue reading Preferred Stock Example – Preferred Stock Dividend