Question

Question 4

During the month of August, Karlsson Industries had the following transactions:

Aug. 2		Paid cash for the August rent of $1,500.
Aug. 6		Purchased supplies of $250 on account.
Aug. 10		Collected $5,700 from customers on account.
Aug. 15		Received $2,200 cash for services to be rendered in September.
Aug. 21		Paid for supplies purchased on account on August 6.
Aug. 28		Billed customers for $7,500 for services provided in August.
Aug. 31		Paid $150 cash for utilities expense.

For each transaction fill in the below table for the date of the transaction, the account name to be debited and credited and the effect on the respective account: increase to the account and for a decrease to the account.

Choose the correct answer for each date.

A. August 2nd:

Debit account(choose between): utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.

Effect: Increase or decrease

Amount: ______

Credit account (choose between): utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.

Effect: Increase or decrease

Amount: ______

B. August 6th

Debit account(choose between): utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.

Effect: Increase or decrease

Amount: ______

Credit account (choose between): utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.

Effect: Increase or decrease

Amount: ______

C. August 10th

Debit account(choose between): utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.

Effect: Increase or decrease

Amount: ______

Credit account (choose between): utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.

Effect: Increase or decrease

Amount: ______

D. August 15th

Debit account(choose between): utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.

Effect: Increase or decrease

Amount: ______

Credit account (choose between): utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.

Effect: Increase or decrease

Amount: ______

E. August 21st

Debit account(choose between): utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.

Effect: Increase or decrease

Amount: ______

Credit account (choose between): utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.

Effect: Increase or decrease

Amount: ______

F. August 28th

Debit account(choose between): utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.

Effect: Increase or decrease

Amount: ______

Credit account (choose between): utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.

Effect: Increase or decrease

Amount: ______

G. August 31

Debit account(choose between): utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.

Effect: Increase or decrease

Amount: ______

Credit account (choose between): utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.

Effect: Increase or decrease

Amount: ______

Answer 1

Date Aug. 02 $ $ Aug. 06 $ Aug. 10 $ Aug. 15 Accounts Debit Account Rent Expenses Credit Account Debit Account Supplies Credit Account Accounts Payable Debit Account Cash Credit Account Accounts Receivable Debit Account Cash Credit Account Service Revenue Debit Account Accounts Payable Credit Account Cash Debit Account Accounts Receivable Credit Account Service Revenue Debit Account Utility Expense Credit Account Cash Effect Increase Decrease Increase Increase Increase Decrease Increase Increase Decrease Decrease Increase Increase Increase Decrease $ $ Amount 1,500 1,500 250 250 5,700 5,700 2,200 2,200 250 250 7,500 7,500 150 150 Aug. 21 Aug. 28 $ $ $ $ $ Aug. 31