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9. Under accrual basis of accounting, when an organization owes sales taxes to the government, then the organization will debit it's sales taxes expense account and balance this transaction with a credit to this account. 10. Under cash basis of accounting, when an organization receives it's power bill and pays, the organization will credit the cash account and balance it with a debit to this account. 11. Under accrual basis of accounting, when an organization issues cash payments to it's owners derived from the organization's retained earnings account, the organization will credit it's cash account and balance this transaction with a debit to this account 12. Under accrual basis of accounting, a debit to the unearned revenue account normally will be balanced with a credit to this account. 13. Under accrual basis of accounting, when an organization allows a client to purchase goods and/or services provided on credit, then the organization will credit it's revenue account and balance this transaction with a debit to this account. 14. Under accrual basis of accounting, when an organization purchases supplies on credit, the organization will credit it's accounts payable account and balance this transaction with a debit to this account. 15. Under accrual basis of accounting, when an organization accrues an interest obligation the organization will debit it's interest expense account and balance this transaction with a credit to this account. 16. Under accrual basis of accounting, when an organization purchases goods and/or services on credit, then the organization will debit it's expense account and balance this transaction with a credit to this account.

Answer 1

ANSWER 9| Tax Payable EXPLANATION: JOURNAL ENTRIES Debit: Sales Tax Expenses Credit: Sales Tax Payable 10 Utilities Expenses Debit: Utilities Expenses Credit: Cash 11 Dividend Payable Debit: Dividend Payable Credit: Cash 12 Revenue Debit: Unearned Revenue Credit: Revenue 13 Accounts Receivable Debit: Accounts Receivable Credit: Revenue 14 Supplies Debit: Supplies Credit: Accounts Payable 15 Interest Payable Debit: Interest Expense Credit: Interest Payable 16 Accounts payable Debit: Expenses Credit: Accounts payable 17 Equipment Debit: Equipment Credit: Accounts payable 18 Revenue Debit: Cash Credit: Revenue 19 Inventory Debit: Inventory Credit: Accounts payable 20 Interest Receivable Debit: Interest Receivable Credit: Interest Revenue

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