Download PDF Simple Journal Entries Questions And Answers

Welcome back to our blog, today we are going to solve some simple journal entries questions, and answers that can help you understand the basics of accounting.

Simple Journal Entries Questions And Answers

It is important to understand the types of journal entries. From straightforward entries like revenues and expenses to more complex entries involving adjustments, each type serves a different purpose.

Examples of Simple Journal Entries

Let me give you some examples of journal entries:

• Revenue Journal Entries
• Expense Journal Entries
• Accruals Journal Entries
• Deferrals Journal Entries

These entries are used for day-to-day business activities, which is why we have added some journal entry questions based on these concepts.

simple journal entries questions and answers

• Question 1:

On January 1, 2024, ABC Corp invested 10,000 cash to start a business. Create the journal entry for this transaction.

Date	Account	Debit	Credit
Jan 1	Cash	10,000
	Capital (Owner's Equity)		10,000

• Question 2:

ABC Corp purchased office supplies for 500 on account from XYZ Suppliers. Record the journal entry for this purchase.

Date	Account	Debit	Credit
Jan 2	Office Supplies	500
	Accounts Payable		500

• Question 3:

ABC Corp provided services for 1,200 in cash. Record the journal entry for this service revenue.

Date	Account	Debit	Credit
Jan 3	Cash	1,200
	Service Revenue		1,200

• Question 4:

The company paid 300 for rent for January. Create the journal entry for this rent payment.

Date	Account	Debit	Credit
Jan 4	Rent Expense	300
	Cash		300

• Question 5:

ABC Corp received 800 in advance for services to be provided next month. Record the journal entry for this received advance payment.

Date	Account	Debit	Credit
Jan 5	Cash	800
	Unearned Revenue		800

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Conclusion

Here in this post, we add some simple journal entries questions, and answers so if you want to understand the basic concept od journal entry then you should read this post till the end.