Prepare Journal Entries to Record the Following Transactions

question 21

Essay

Prepare journal entries to record the following transactions:
(a.) Purchased $12,500 of inventory on account.
(b.) Paid $1,800 for office supplies.
(c.) Performed a service and immediately collected $600.
(d.) Paid the monthly rent, $1,150.
(e.) Paid twenty percent of the amount owed for the inventory purchased in (a) above.
(f.) Sold products for $8,000 on account that cost $4,500.
(g.) Borrowed $12,000 by signing a note payable.
(h.) Received the amount owed from the customer of (f) above.

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