Create a journal entry and a T-Account for each of the following transactions:
a) $5,000 of accounts payable is paid in cash.
b) $30,000 of cash is received from taking out a note with the local bank.
c) $10,000 of accounts receivable from last year is received in cash.
d) $7,000 is paid back on the borrowed note.

Question

Quizplus · Accepted Answer

The Answer is a) a) b) c) d)

b)

c)

d)

Create a Journal Entry and a T-Account for Each of the Following