20 SOLVED EXERCISES OF ACCOUNTING ENTRIES

1. $300,000 is deposited in BBVA bank

We ask ourselves the respective questions that we studied at the beginning of this text:

Where it is stored: in bank 1110 BANKS

Where the money comes from: from the company 1105 CAJA

BANKS: asset account when recording increases debit

CASH: asset account, when money is withdrawn credit decreases
1110 BANKS 300,000
1105 BOX 300,000

2 COPRA OF CASH GOODS

 Cash purchase of merchandise for 1,300,000 paid with a Bancolombia check

 What is purchased: merchandise 6205 MERCHANDISE

 How to pay the value: CASH WITH CHECK 1110 banks
Merchandise: cost of sale account, when purchasing increases, debit
Banks: asset account, when writing a check, credit.
6205 GOODS 1,300,000
1110 banks 1,300,000

3 PURCHASE OF GOODS ON CREDIT.

PURCHASE GOODS ON CREDIT FOR 500,000

WHAT IS PURCHASED: merchandise 6205 OF MERCHANDISE 500,000

HOW ITS VALUE IS PAID: s credit 2205 NATIONAL. 500,000

4 CASH SALE OF GOODS.

 Company xy sells cash merchandise for $2,000,000

What is sold: merchandise 4135 WHOLESALE AND RETAIL TRADE

How its value is collected: in cash 1105 CASH

CASH: asset account when receiving money increases therefore we debit it
M/M TRADE: income account, when selling increases, we credit it
Record:
1105 BOX 2,000,000
4135 TRADE M/M 2,000,000
5 SALE OF GOODS ON CREDIT

 The company m&m sells merchandise on credit for 1,200,000

What is sold: merchandise 4135 trade
How the value is charged: on credit 1305 clients
Customers: asset account, when selling merchandise on credit it increases and is debited
Commerce: income account when selling increases the credit.

Record:
1,305 clients 1,200,000
4135 trade m/m 1,200,000

6. PURCHASE ON CREDIT OF ASSETS OTHER THAN GOODS.

Purchase office furniture on credit for $450,000

What is purchased: furniture, REGISTRATION: 1524 OFFICE EQUIPMENT 450,000
How the value is paid: on credit 2205 NATIONAL 450,000

7 LOANS GRANTED BY THE COMPANY

 The company grants a loan to an employee and writes a check for 200,000
What type of debt is it: debt owed by loan 1365 ACCOUNTS RECEIVABLE FROM
WORKERS
How the loaned value is delivered: with check 1110 BANCOS
CTA

Record:
1365 count. x c. a job 200 000
1110 Banks 200,000
BANKS: asset account when writing a check decreases the amount we credit.

8 LOANS RECEIVED BY THE COMPANY.

 The company obtains a loan from BBVA bank FOR $5,000,000, which it
deposits in a checking account.

What type of debt is it: debt in charge, for bank loan, 2105 NATIONAL BANKS

How the value of the loan is received: recorded in the company's current account; 1110
banks

BANKS: asset account when recorded increases and is debited

NATIONAL BANKS: liability account, credit increases.

1110 Banks 5,000,000

2105 National banks 5,000,000

9 CUSTOMER SUBSCRIPTION:

 A customer pays 450,000 to the debt for selling merchandise on credit, writes
a check

What type of debt is it? Debt in favor for the sale of merchandise 1305 clients
How is payment received? With check in favor of the company. 1105 cash (we do not
use banks since every payment that reaches the company is received in the first instance
by the cashier)

Record:
1105 box 450,000
1,305 clients 450,000

9.1 the company decides to deposit the check received.

1110 banks 450 000

1105 box 450,000

Banks are debited because they are the ones receiving the money on this occasion and the
cash register is credited because the money comes from it.

10 SUBSCRIPTION TO BANK OBLIGATIONS

. The company writes a check for 500,000 to BBVA as payment for its debt.
2105 national banks 500 000
1110 banks 500 000

11 SUBSCRIPTION TO SUPPLIERS

The company writes a check to a supplier for 1,000,000 to pay the debt.
2205 national 1,000,000
1110 banks 1000 000

12 CAPITAL CONTRIBUTIONS
To start a company, one partner contributes 1,300,000 by check and another partner
contributes a piece of land for 1,500,000
1105 box 1,300,000
1504 land 1,500,000
3115 social contributions 2,800,000

13 . BILLS

The company writes a check for 300,000 for rent

 5120 rent 300,000
1110 banks 300 000
* The bank charges interest on overdraft and deducts it from the company's account. 7
000
5305 financial 7 000
1110 banks 7 000

14. EXPENSES PAID IN ADVANCE

The company writes a check for 600,000 corresponding to three months' rent. January,
February, March
1705 prepaid expenses 600,000
1110 banks 600 000

When the months pass (passing), the registration is carried out like this:

Month of January
5120 rent 200,000
1705 expenses paid x before 200,000
 February month
5120 rent 200,000
1705 expenses paid x before 200,000
 Month of March
5120 rent 200,000
1705 expenses paid x before 200,000

15 INCOME

The company receives 50,000 in rent for parking

1105 box 50,000
4,220 leases 50,000

16 EXPENSES CAUSED TO PAY

At the end of the month the company owes public services corresponding to a month
200,000
5135 services 200 000
2335 costs and expenses x pay 200,000

17 INCOME RECEIVED IN ADVANCE.

The company receives 100,000 in advance interest

1105 box 100,000
2,705 income received x anticipated 100,000

18. A telephone for company use is purchased in cash with a check for 500,000.
 EXPLANATION.

The affected accounts are two Computer and Communication Equipment asset accounts,
which are debited due to an increase, and Banks, an asset account that is credited due to a
decrease.

1528 COMPT AND COMUC EQUIPMENT 500,000

1110 BANKS 500,000

19 sells merchandise for 1,000,000, 400,000 is received and the balance on credit.

EXPLANATION.

The affected accounts are three: Cash, asset account, which, because it increases, is
debited; Clients asset account that when increased is debited and trade to the highest and
lowest income account, which when increased is credited.

1105 cash 400,000

1305 clients 600,000
4135 trade m/m 1,000,000

20 When purchasing merchandise on credit for $1,000,000, you should ask

 What is purchased?, merchandise __ 6205 MERCHANDISE

 How is it cancelled?, credit ___ 2205 NATIONAL

OF MERCHANDISE: Cost of sales account when increased is debited.

NATIONAL: Liability account when increased is credited