Journal entries: Multi-step scenarios

Short stories of two or three events: work through what happened first to find the amounts of the last entry.

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The entries

1. Buying on account, returning part, paying the rest
2. Credit sale, return, then payment within the discount period
3. A machine bought, depreciated for a year, then sold
4. Insurance renewed during the year: the year-end entry and balance
5. Final invoice for a service after a deposit

Other topics

• Starting the business
• Buying goods and supplies
• Selling goods and services
• Fixed assets
• Expenses and payroll
• Adjusting, closing and correcting
• Cash and bank
• Notes and loans
• Inventory and cost of goods
• Corporations and equity