Accounting

1) Collect 1000 owed on account

2) Purchase 2000 of inventory on account

3) Inventory valued at 3000 is sold for 5000 in cash

4) An employes is paid 1000 wage expense at month end

5) Pay 1000 owed to a supplier

6) Inventory valued at 6000 is sold for 10 000 on account

7) New equipment is bought for 3000 in cash

8) Depreciation expense of 1000 is recognized

9) The current month's rent expense of 2000 is recognized and paid

10) Inventory of 4000 is bought on account

11) Next month's rent of 2000 is paid in advance

12) Rent expense of 2000 which was prepaid, is recognize

13) customer pays 2000 for a sale to be recognized next year

14) A sale, which was paid in advance of 2000 is now earned and recognized

15) Wages of 2000 are accrued at month end

16) Wages of 2000 which had be accrued, are paid

17) Interest revenue of 2000 is accrued at year end

18) Interest revenue which had been accrued is received

19) 2000 owed to a supplier is paid

20) The owners invest 20 000 to start the company

21) Payment is received for a credit sale originally recorded for 2000

22) An employment contract for a salary is signed for a salary of 4000 to start next month

23) Inventory worth 2000 is purchased on account

24) The COGS account with a balance of 50 000 is closed at year-end

25) Equipment of 20 000 is bought for cash

26) 2000 is received for a sale which will be recognized next year

27) A newspaper advertisement of 1000 is recognized and paid

28) 2000 is received for a sale recognized last year

29) The current month's rent of 1000 which had been prepaid is recognized

30) The company borrows 5000 from the bank

31) Accrued waged of 3000 are paid

32) A company decides to use the allowance method and makes an initial estimate of bad debts of 4000

33) The company using the allowance method writes off the account of a specific customer for 200

34) The allowance account has a credit balance of 3500. The new estimate of bad debts is 4500

35) Record the sale at the normal price (1000)

36) Record actual amount of cash received (customer took 2% cash discount) 20

37) Payment is received for a sale originally recorded for 10000 and the customer took a 1% cash discount

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