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Intro to Financial Accounting: Journal Entries

In: Business and Management

Submitted By anishadutta
Words 1142
Pages 5
D.E.A.L.O.R
Divdends
Expenses
Assets
Debit

Liabilities
Owners' equity
Revenues
Credit

Debit

Credit

General Form
Date
Account name

Debit
Account name

Credit

Initial Investment in a Company
Date
Cash

Assets
Debit

Common Stock

Liabilities

+

+ Cash

Owners' Equity
+ Common Stock

Credit

Purchase Building with a Loan
Date
Buildings

Assets
Debit

Notes Payable

=

+Buildings

Liabilities

+

Owners' Equity

+ Note Payable

Credit

Purchase Equipment for Cash
Date
Equipment

Assets
Debit

Cash

Credit

Pay one year's Rent
Date
Prepaid Rent

=

Debit

Provide Business Services on Credit
Date
Accounts Recievable
Debit
Service Revenue

Credit

Liabilities

+

Owners' Equity

=

Liabilities

+

Owners' Equity

=

Liabilities

+

Owners' Equity

+Buildings
-Cash

Assets

Cash

=

+Prepaid Rent
-Cash

Assets

+Accounts Recievable
Credit

+Service Revenue
(Revenue increases NI increases RE)

Provide Business Services for Cash
Date
Cash

Assets

Debit
Service Revenue

=

Liabilities

+

+Cash

+Service Revenue
(Revenue increases NI increases RE)

Credit

Pay for Advertising with Cash
Date
Advertising Expense
Cash

Assets
Debit

=

Liabilities

+

-Cash

Purchase Supplies on Account

Assets
Debit

Accounts Payable

=

+Supplies

Liabilities

+

Purchase Supplies

Assets
Debit

Cash

Credit

Sell products or services for future services
Date
Cash

+Accounts payable

=

Liabilities

+

Owners' Equity

=

Liabilities

+

Owners' Equity

+Supplies
-Cash

Assets

Debit
Unearned Revenue

+Cash

+Unearned Revenue

Credit

Pay employees with cash
Date
Salaries Expense
Cash

Assets
Debit

=

Liabilities

+

-Cash

Pay Dividends

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