Listed below are some items tht need to be recorded in the company's books, make the journal entry for each

1. A company records interest expense for the month on a 50k, 6% note payable. It will be paid sometime in the future

2. A company buys inventory on credit from a vendor for $10k

3. A company records depreciation expense of $1,500 for the month

4. A truck is purchased to make deliveries. It cost $40,000. The company paid cash

5. An insurance policy is purchased for $15,000 that covers the next 12 months. The company paid cash.

6. A company declares a dividend 9/15/22 of $1,000. The dividend was paid in cash on 09/30/22. What entry was made on 09/15/22?

7. It is now 9/30/22 for the company in question #6 - what entry did they make on 09/30/22?

8. A company has a loan for $25,000. They have accrued $1,500 worth of interest on this loan. They are paying off the loan AND accrued interest in cash.

9. A company owes a vendor $20,000 for inventory they purchased some time ago. The company got 60 day terms from the vendor. The 60 days are now up but they do not have the cash. The company ask the vendor if they would convert their AP account to a loan. They say yes - record the pay off of the AP for a loan.

10. A company sells 1,000 shares of Common Stock at $5 per share for cash

11. A company sells $10,000 of product to a customer on credit. The inventory cost of this product is $7,000. Make the journal entry to record this event. (There are 4 accounts involved)

Below are a list of transactions or journal entries. List what account is affected (asset, liability, interest expense, etc) and if it will be increased or decreased.

A company pays off a loan payable with cash A company pays for office supplies with cash A company pays off accounts payable with cash A company sells the common stock for cash A company collects cash for AR A company buys inventory on account A company buys inventory on account A company accrues salaries and wages at month end A company accrues interest revenue at month end