7 Case Study: Journal Entries

Identify journal entries in the context a particular business.

On January 9, $500 in cash was paid toward a prior $1,000 purchase of office supplies on account.

What is the journal entry for this transaction?

On January 2, a company purchases office supplies on account for $1,000.

What would the journal entry be?

On January 15, the owner of a sole proprietorship took out $2,000 from the business for their personal use.

What would the journal entry for this transaction be?