Please provide suitable journal double entries for the following transactions:

1. I spend $500 of the company’s cash and buy a desk for the reception.

2. The company pays a contractor to create an app for $15,000.

3. A client buys a license to our data product for $1000 today, and we are providing him the license right now, but the client will pay us at the end of quarter. Provide current entries and the entries when the payment is made.

4. You take a long-term loan from your bank of $10,000. The bank puts the money in your bank’s cash account. At the end of year one, you pay back the bank $2000 from the principal and an interest of $100 from your bank cash account.

5. The company pays you a dividend of $5000 at the end of the year.

Answer rating: 100% (QA)

1 Initial transaction Cash Asset 500 Furniture Asset ... View the full answer