Create journal entries for a list of transactions that a company could have made over the course
Question:
Create journal entries for a list of transactions that a company could have made over the course of two years, which would affect its accounts receivable. Here's a breakdown: a) The company provided services to a customer on credit for a total of $15,000. This would increase accounts receivable by $15,000. b) The company purchased office equipment for $80,000 to be paid in 30 days. This would not affect accounts receivable, but would increase accounts payable. c) The company received a check for $120,000 as a contribution to the business from one of the partners. This would increase the company's equity, not accounts receivable. d) The company purchased office equipment for $90,000, paying $30,000 in cash and the rest on credit. This would increase accounts payable, not accounts receivable. e) The company received money for $500,000 as a contribution to the business from one of the partners. This would increase the company's equity, not accounts receivable. f) The company purchased land on credit for $1,500,000 and a building for $1,000. This would increase accounts payable, not accounts receivable. g) The company paid
Auditing The Art and Science of Assurance Engagements
ISBN: 978-0133405507
13th Canadian edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones