Category: Journal Entry Examples

Q44. Common stock Entity A issued 20,000 shares of common stock at $14 per share. The par value of common stock is $1 per share.

Q43. Borrowings Entity A borrowed $20,000 from a bank and received the full amount in cash. The loan is due in 6 months. Prepare a

Q42. Sale of noncurrent assets Entity A sold equipment with the following information. (a) Cost of equipment = $200,000 (b) Accumulated depreciation = $180,000 (c)

Q41. Depreciation On January 1, 20×1, Entity A purchased a building with the following information. (a) Cost of building = $900,000 (b) Residual value (salvage

Q40. Purchase of noncurrent assets Entity A purchased a building at $860,000 with a long-term bank loan of $860,000. Prepare a journal entry to record

Q39. Unearned revenue On December 1, 20×1, Entity A received $600 for a one-year subscription for twelve issues of a monthly magazine. The magazine is