Accounting Journal Entries

Accounting Journal Entries

Lecture on Journal Entries. This is Part 1 of 2 videos. Please check each of the transactions very carefully. Hopefully this video will be helpful for you. In the second part few more transactions will be uploaded.

XYZ Inc.

Practice: Financial Transactions for January 2019

01/01/19 Mr. Z invested 50,000 in the business

02/01/19 Purchase of factory machinery worth 20,000 by issuing a

Note payable after 3 months

03/01/19 Purchase of inventories for cash 5,000

10/01/19 Sale of finished goods for cash 4,000 and on credit 2,000

13/01/19 Receipt of cash 1,000 on credit sale

8/01/19 Logistics company has submitted a bill worth 250 for shipping expenses

23/01/19 Partial payment of 2,000 for inventory purchased on credit

28/01/19 Wages, utilities, and rent paid in cash 1,000, 400, 600 respectively

30/01/19 Payment of annual insurance premium 10,000

31/01/19 Mr. Z withdrew 1,500 cash from the business for personal use

Solutions will be provided in Part 2 of this lecture video.

Find links to the comprehensive problems on Journal

and solution in the video description of part 2 of this video

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