Transactions and journal entry

 Journal entry for a restaurant


January 1: The restaurant buys $1,000 of food inventory from a supplier on credit.

Journal entry:

Debit: Food Inventory (Assets) $1,000

Credit: Accounts Payable (Liabilities) $1,000

January 3: The restaurant sells $2,000 of food and beverages to customers.

Journal entry:

Debit: Accounts Receivable (Asset) $2,000

Credit: Food and Beverage Sales (Revenue) $2,000

January 5: The restaurant pays $500 of rent for the month.

Journal entry:

Debit: Rent Expense $500

Credit: Cash $500

January 10: The restaurant pays $800 to its employees as wages.

Journal entry:

Debit: Wages Expense $800

Credit: Cash $800

January 15: The restaurant purchases additional food inventory for $500 in cash.

Journal entry:

Debit: Food Inventory $500

Credit: Cash $500

January 20: The restaurant receives $1,000 from customers for their outstanding accounts receivable balance.

Journal entry:

Debit: Cash $1,000

Credit: Accounts Receivable $1,000

January 25: The restaurant pays $200 for utilities for the month.

Journal entry:

Debit: Utilities Expense $200

Credit: Cash $200

January 30: The restaurant pays $1,000 to its supplier for the food inventory purchased on January 1.

Journal entry:

Debit: Accounts Payable (Liability) $1,000

Credit: Cash (Asset) $1,000

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