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Journal Entries and balance sheet transactions

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This file contains examples, as well as an analysis of balance sheet transactions (journal entries) and how they are to properly entered in a balance sheet.

Practice Exercise 3-12 Analysis of Journal Entries
Analyze and record the transactions as journal entries

a. Buildings 90,000
Cash 35,000
Mortgage Payable 55,000
b. Cash 25,000
Capital Stock 25,000
c. Cash 40,000
Loan Payable 40,000
d. Salary Expense 12,000
Cash 12,000
e. Inventory 12,500
Accounts Payable 12,500
f. Accounts Receivable 84,000
Sales 84,000
Cost of goods 51,000
Inventory 51,000
g. Cash 62,000
Accounts Receivable 62,000
h. Accounts Payable 38,000
Cash 38,000

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Solution Summary

An MS Excel spreadsheet containing an analysis of, as well as the recording of transactions as journal entries.

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For your convenience, I have attached a formatted Excel spreadsheet which contains an analysis of the journal entries that you posted.

Practice Exercise 3-12 Analysis of Journal Entries
Analyze and record the transactions as journal entries

Debit Credit Analysis:

a. Buildings 90,000 Purchased buildings worth $90,000, for $35,000 in cash
Cash 35,000 and $55,000 in mortgage payments.
Mortgage Payable 55,000
(Entry for purchase of ...

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