Journal-entries-exercises-with-answers -

: Collected $1,000 from the customer billed in Transaction #5.

: Paid $2,000 toward the equipment purchased in Transaction #2. journal-entries-exercises-with-answers

: Performed services for $2,500 and billed the customer (on account). : Collected $1,000 from the customer billed in

Prepare the journal entries for the following business transactions: : Collected $1

: The owner invests $50,000 cash into the business.

In accounting, journal entries are the first step in the accounting cycle , recording financial transactions using (left side) and credits (right side). The fundamental rule is that total debits must always equal total credits . Practice Exercises