1

Journal entry

Name

Institution

Instructor

Course

Date
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Journal entry

Quiz 1

Accounting Term Definition

Account B. The detailed record of the changes in a particular asset, liability, or

stockholders' equity.

Assets C. Economic resources that provide a future benefit for a business.

Stockholders' E. Stockholders' claim to the assets of a corporation.

equity

Expenses G. Decreases in stockholders' equity from using resources to sell goods or

services.

Liabilities D. Debts or obligations of a business.

Revenues F. Increases in stockholders' equity from selling goods or services to customers.

Transactions A. Any economic event that has a financial impact on the business.

Quiz 2

Account Account Type

Accounts payable L- Liability

Cash A- Asset

Service revenue R- Revenue

Prepaid rent Asset

Rent expense E- Expense

Common stock SE- Stockholders' equity

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Quiz 3

Account Account Type Digital

Number

would begin

with

Service revenue R- Revenue 4

Dividends R- Revenue 4

Account receivable A- Asset 1

Salaries expense E- Expense 5

Notes payable L- Liability 2

Common stock SE- Stockholders' equity 3

Quiz 4

Journal entry

Date A/cs & Explanations Debit Credit

April1 Interest expense 900

Cash 900

April 5 furniture 2200

Account payable 2200

April 10 Account receivable 2200

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Service revenue 2200

April 12 cash 2500

Note payable 2500

April 19 cash 95000

land 95000

April 21 Building 600,00

Note payable 600,00

April 27 cash 500

Accounts received 500

Quiz 5

Journal entry

Date A/cs & Explanations Debit Credit

Nov 1 Common stock 488,000

Cash 40,000

Nov 3 Suppliers 800

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cash 800

Nov 5 Building 32,000

cash 32,000

Nov 6 Cervices received 1600

cash 1600

Nov 11 A/c payable 600

cash 600

Nov 18 Accounts received 3200

Services received 3200

Nov 28 cash 700

Accounts received 700

Nov 30 Salaries expense 400

Cash 400

Rent 1100

cash 1100
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Quiz 6

Requirement 1

Cash

May 1 70000 May 2 1600

6 8500 4 14500

23 800 9 200

15 1500

26 7000

28 390

29 1550

Bal 52560

Equipment

May 4 14,500

26 7000

Bal 21500

Service Revenue

May 1 70000 May 6 8500

6 8500 17 1600

Bal 10,100

Account payable

May 9 200 May 3 800

Bal 600
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Salaries expense

May 15 1500

29 1550

Bal 3050

Account receivable

May 17 1600 May 23 800

Bal 800

Common stock

May 1 70000

Bal 70,000

Rent expense

May 2 1600

Bal 1600

Supplies

May 3 800

Bal 800

Utility expense
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May 28 390

Bal 390

Requirement 2: Trial Balance

Merrimount, Inc.

Trial balance

May 31, 2018

Account Debit Credit

Cash 52560

Equipment 21500

service Revenue 10100

Account payable 600

Salaries expense 3050

Account receivable 800

Common stock 70000

Rent expense 1600

supplies 800

utilities expenses 390

80,700 80,700