journalize the following entries:
1, Received partial payment of $211 from J. Kronsnoble for work billed on June 7.
3. Paid for supplies purchased on June 4.
my answers:
1. cash 211
accounts recvieable 211
3. supplies 258
accounts payable 258
To journalize the entries, you need to determine the accounts involved and the correct debits and credits for each account.
1. Received partial payment of $211 from J. Kronsnoble for work billed on June 7.
To record this entry, you would typically use the accounts "Cash" and "Accounts Receivable."
- Debit the "Cash" account for $211 (since you received cash).
- Credit the "Accounts Receivable" account for $211 (to reduce the amount owed by J. Kronsnoble).
So, the journal entry would be:
Date | Account | Debit | Credit
----------------------------------------------------
| Cash | $211 |
| Accounts Receivable | | $211
2. Paid for supplies purchased on June 4.
For this entry, you would typically use the accounts "Supplies" and "Accounts Payable."
- Debit the "Supplies" account for the amount spent on supplies (in this case, $258).
- Credit the "Accounts Payable" account for the same amount (to show a decrease in the outstanding balance).
Thus, the journal entry would be:
Date | Account | Debit | Credit
----------------------------------------------------
| Supplies | $258 |
| Accounts Payable | | $258
It's important to note that the specific account names used in these entries may vary depending on the company's chart of accounts. Make sure to double-check the accounts and amounts with your specific accounting system or consult with a professional accountant if required.