Prepare the journal entry for the following transaction:
Purchased $16,000 of inventory, paid $12,000 in cash and the rest remained on account.
1. Account Classification 3. Journal Entry - Sales| Journal Entry 1 | |||||
|---|---|---|---|---|---|
| Inventory | 16,000 | ||||
| Cash | 12,000 | ||||
| Accounts Payable | 4,000 | ||||
| Click Here to View All Chapter 2 Problems at Once | View | ||
| 1 | Account Classification | Easy | |
| 2 |
Journal Entry - Inventory
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Easy | |
| 3 | Journal Entry - Sales | Easy | |
| 4 | T/F: Liabilities and Equity | Easy | |
| 5 | T/F: T-Account Logic | Easy | |
| 6 | Normal Balances | Moderate | |
| 7 | The Effect of Journal Entries | Moderate |