Category: Journal Entry Examples

Q19. Notes receivable On December 1, 20×1, Entity A received a promissory note as the collection of accounts receivable from a customer. (a) Face amount

Section 4. Assets Q18. Accounts receivable Entity A collected $9,300 in cash from accounts receivable. Prepare a journal entry to record this transaction. A18. When

Q17. Accrued revenue On December 15, 20×1, Entity A entered into a service contract with a customer. The service was provided on December 29, 20×1

Q16. Unearned revenue On December 1, 20×1, Entity A rented out one floor of the building it owns. The tenant paid $90,000 cash in advance

Q15. Accrued expenses Entity A borrowed $500,000 on December 1, 20×1. Annual interest rate is 12% and interest is payable at the end of every

Section 3. Accrual basis accounting Q14. Prepaid expenses On December 1, 20×1, Entity A rented office space for one year and prepaid the $36,000 yearly