S3 Prepare the following journal entries a Your customer wit

S3. Prepare the following journal entries: a. Your customer with pay next month for $1,000 of merchandise purchased b. You purchased S20,000 of land c. You borrowed $20,000 from the banlk d. Your customer bought and paid for $200 of merchandise today e. You issued $10,000 of stocks

Solution

Journal Entries Account titles & Explanations Debit Credit a. Accounts receivable 1,000 sales 1,000 b. land 20,000 cash 20,000 c. cash 20,000 bank loan 20,000 d. Cash 200 sales 200 e. Cash 10,000 Common stock 10,000