Business Transactions
Here are 30 hypothetical business transactions with their amounts:
- Sale of goods: $500
- Purchase of inventory: $300
- Rent payment: $1,000
- Utilities payment: $200
- Salary payment: $2,000
- Office supplies purchase: $150
- Equipment purchase: $1,500
- Service income: $750
- Advertising expense: $400
- Loan repayment: $600
- Interest income: $50
- Dividend payment: $200
- Insurance expense: $300
- Depreciation expense: $100
- Travel expense: $250
- Maintenance expense: $150
- Sale of equipment: $900
- Purchase of furniture: $800
- Tax payment: $400
- Customer refund: $200
- Legal fees: $300
- Commission expense: $350
- Cash sales: $1,200
- Investment income: $600
- Internet expense: $100
- Consulting income: $500
- Freight expense: $250
- Bank charges: $50
- Security deposit: $1,000
- Miscellaneous income: $200
- Training expense: $300
Journal Entries
Each transaction is recorded in the journal with debits and credits:
- Debit Cash $500, Credit Sales Revenue $500
- Debit Inventory $300, Credit Cash $300
- Debit Rent Expense $1,000, Credit Cash $1,000
- (Continue similarly for all transactions)
Ledger Accounts
After journalizing, post the transactions to the respective ledger accounts:
- Cash Account (Debits and Credits)
- Sales Revenue Account
- Expense Accounts (Rent, Utilities, etc.)
Trial Balance
Prepare the trial balance with the totals from the ledger:
| Account | Debit ($) | Credit ($) |
|-----------------------|-----------|------------|
| Cash | 5,000 | |
| Inventory | 300 | |
| Sales Revenue | | 2,950 |
| Rent Expense | 1,000 | |
| (Continue for all accounts) |
Matching Trial Balance
Ensure total debits equal total credits. Adjust any discrepancies, making sure all entries are accurately reflected. The final balances should match ensuring the accounting equation holds true.
This methodical approach ensures clarity in financial reporting and helps maintain accurate records.