Introduction to Financial Accounting

Worksheet for Journal Entries

Show journal entries for the following transactions:-
1. Mr. A starts sole proprietor business of trading in pens on Jan 1, 2019 by introducing
$50,000 cash in the business.
2. On Jan 5 purchased 100 pens costing $5 each from Global stationery manufacturers by
paying cash.
3. On Jan 10 purchased 50 pens costing $10 each on credit of 30 days from Exclusive pens
company.
4. On Jan 15 purchased store furniture costing $6,000.
5. Sold 50 pens for $20 each on Jan 20.
6. Payment of $1,000 rent expense was made on Jan 31
7. On Feb 1, $700 was paid to Mr. B who is the employee in the store.
8. On Feb 5, sold 25 pens for $25 each on credit of 10 days to Rupal.
9. Full payment was received from Rupal on the due date.
10. Payment was made to Exclusive pens on due date who offered 2% discount.