Journal entries for payment transactions
1. July 15, 2022
Received payment from customer for services rendered. Transaction amount: $500.00.
Journal entry: Debit Cash $500.00, Credit Accounts Receivable $500.00
2. August 1, 2022
Paid vendor for supplies purchased. Transaction amount: $300.00.
Journal entry: Debit Accounts Payable $300.00, Credit Cash $300.00
3. September 10, 2022
Received payment from client for project completion. Transaction amount: $1,200.00.
Journal entry: Debit Cash $1,200.00, Credit Sales Revenue $1,200.00
4. October 5, 2022
Paid rent for office space. Transaction amount: $1,000.00.
Journal entry: Debit Rent Expense $1,000.00, Credit Cash $1,000.00
5. November 20, 2022
Received payment from debtor for outstanding loan. Transaction amount: $2,500.00.
Journal entry: Debit Cash $2,500.00, Credit Notes Receivable $2,500.00