: Performed services and received $3,000 cash immediately.

Prepare the journal entries for the following business transactions:

In accounting, journal entries are the first step in the accounting cycle , recording financial transactions using (left side) and credits (right side). The fundamental rule is that total debits must always equal total credits . Practice Exercises

: The owner invests $50,000 cash into the business.

: The company buys office equipment for $5,000 on credit. Expense Payment : Paid $1,200 for the current month's rent.

: The business paid $500 in cash dividends to stockholders. Solutions & Explanations

Accounting Principles: Journal Entry T Account Practice Problem