1. Prepare journal entries

1a. Purchased merchandise and paid $2,000 in cash

1 B. Bought a piece of equipment and paid $15,000 in cash

2a. Paid $7,000 of bank loans

2b. Paid $3,000 accounts payable

3a. Paid $3,500 of rent expenses

3b. Paid $6,000 salary expenses

4a. She sold merchandise and received $6,500 in cash. The cost of merchandise sold was 5,100

4b. Sold a piece of equipment worth $8,600 and received cash

5a. Lent $9,000 in cash

5b. Issued a promissory note and received $11,000 in cash

Answer rating: 100% (QA)

Particular Amount 1a Merchandise Ac dr 2000 To Cash Ac 2000 1b Equipment Ac dr 15000 To Ca... View the full answer