Prepare journal entries to record the following transactions: A. December 1, collected balance due from customer account,
Question:
Prepare journal entries to record the following transactions:
A. December 1, collected balance due from customer account, $5,500
B. December 12, paid creditors for supplies purchased last month, $4,200
C. December 31, paid cash dividend to stockholders, $1,000
Step by Step Answer:
Step 1 Journal entry A journal entry is used to record da...View the full answer
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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