Lily Enterprises had the following selected
transactions.
| 1. | Bo Lily invested $3,360 cash in the business. | |
| 2. | Purchased a 2-year insurance policy for $2,016. | |
| 3. | Paid office rent of $706. | |
| 4. | Performed consulting services and billed a client $4,368. | |
| 5. | Bo Lily withdrew $630 cash for personal use. |
Prepare the debit-credit analysis for each transaction.
Homework Answers
Please mentioned below the answer
| Debit & Credit Analysis | |||
| Effect on Accounting Equation | Effect on Amounts | ||
| 1 | Debits | Cash | $3,360 |
| Credits | Bo Lily owners equity | $3,360 | |
| 2 | Debits | Prepaid Insurance | $2,016 |
| Credits | Cash | $2,016 | |
| 3 | Debits | Rent | $706 |
| Credits | Cash | $706 | |
| 4 | Debits | Accounts Receivable | $4,368 |
| Credits | Service Revenue | $4,368 | |
| 5 | Debits | Drawings | $630 |
| Credits | Cash | $630 |
Add Answer to:
Lily Enterprises had the following selected
transactions.
1.
Bo Lily invested $3,360 cash in the business....
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Oriole Enterprises had the following selected transactions. 1. Bo Oriole invested $6,400 cash in the business....
Oriole Enterprises had the following selected transactions.
1. Bo Oriole invested $6,400 cash in the business.
2. Purchased a 2-year insurance policy for $3,840.
3. Paid office rent of $1,344.
4. Performed consulting services and billed a client $8,320.
5. Bo Oriole withdrew $1,200 cash for personal use.
Prepare the debit-credit analysis for each transaction.
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Bo Halladay invested $4,560 cash in the business.
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Paid office rent of $1,083.
3.
Performed consulting services and billed a client $5,928.
4.
Bo Halladay withdrew $855 cash for personal use.
Indicate the effect each transaction has on the accounting
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1. Bo Oriole invested $6,400 cash in the business.
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3. Paid office rent of $1,344.
4. Performed consulting services and billed a client $8,320.
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transactions.
1.
Bo Halladay invested $4,560 cash in the business.
2.
Paid office rent of $1,083.
3.
Performed consulting services and billed a client $5,928.
4.
Bo Halladay withdrew $855 cash for personal use.
Indicate the effect each transaction has on the accounting
equation, using plus and minus signs.
Journalize each transaction. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry"...
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