Question

1. If the company spend $500 cash on rent expense, what is the journal entry? 2....

1. If the company spend $500 cash on rent expense, what is the journal entry? 2. The company received $1000 cash in sales revenue, and the company also received $1000 sales revenue on credit. Do you think the company prefer the revenue in cash or account receivable? Why? Please explain. 3. You purchase a $30 ticket to see Taylor Swift concert on 10/2/2015. What do you think the journal entry for you? What is the journal entry on Taylor Swift concert company? (Think of the concept as "Prepaid Concert Ticket" and "Unearned Ticket Revenue") 4. ABC Company purchased $1000 with $300 in cash and the rest on account. What is the equation and journal entry like?

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Answer #1

Answer :-   Journal entries

Event General journal Debit ($) Credit ($)
1). Rent expense.

Rent expense A/c Dr.

To Cash A/c

500

500

3). a). Purchase of concert ticket

Prepaid Concert Ticket A/c Dr.

To Cash A/c

30

  30

3). b). Purchase of concert ticket.

Cash A/c Dr.

To Unearned Ticket Revenue A/c

  30

  30
4). Purchase of $ 1000.

Purchase A/c Dr.

To Cash A/c

To Accounts payable A/c

1000

300

700

Note :- The first journal entry in question (event) 3 is in the books of purchaser of concert ticket and second journal entry is in the books of Taylor concert company.

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