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QUESTION 14 Identify the account to be debited and the account to be credited for each...
Required For each of the following independent events, identify the account that would be debited and...
Required For each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are identified as an example, Account Debited Cash Account Credited Common stock Event a. Received cash by issuing common stock b. Received cash for services to be performed in the future. c. Paid salaries payable. d. Provided services on account. e. Pald cash for operating expenses. 1. Purchased supplies on account. 9....
20. For each transaction, identify which account is debited and which account is credited. Use proper...
20. For each transaction, identify which account is debited and which account is credited. Use proper account titles (Cash, Accounts Receivable, etc.). Debit Credit Transaction Received a bill for utilities to be paid next month Performed services on account Paid employees' salaries Paid cash for a 6-month insurance policy, with coverage starting next month Paid dividends to stockholders Borrowed cash and signed a promissory note Used up warehouse supplies Received cash from a customer to pay on their account Received...
For each transaction, indicate the account or accounts that should be debited and credited. Accounts 1....
For each transaction, indicate the account or accounts that should be debited and credited. Accounts 1. Cash 2. Accounts Receivables 3. Prepaid Insurance 4. Office Supplies 5. Automobiles 6. Land 7. Accounts Payable 8. Income Taxes Payable 9. Notes Payable 10. Capital Stock 11. Retained Earnings 12. Service Revenue 13. Wage and Salary Expense 14. Utilities Expense 15. Income Tax Expense Transactions Debited Credited Example: Purchased office supplies for cash 4 1 a. Issued capital stock for cash. __ __...
3. Name the accounts debited and credited for each of the following transactions. (a) Billing a...
3. Name the accounts debited and credited for each of the following transactions. (a) Billing a customer for work done. (b) Receipt of cash from customer on account. (c) Purchase of office supplies on account. (d) Purchase of 15 gallons of gasoline for the delivery truck.
Select the account that will be Debited and the account that will be Credited for each...
Select the account that will be Debited and the account that will be Credited for each of the following transactions for Beta Computers: Transaction Dr Cr Owner invests cash into business one answer must be chosen Answer Cash Accounts ReceivablePrepaid InsuranceAccounts PayableCapital IntroducedService RevenueAdvertising ExpenseSalary ExpenseInterest Expense AnswerCashAccounts ReceivablePrepaid InsuranceAccounts PayableCapital IntroducedService RevenueAdvertising ExpenseSalary ExpenseInterest Expense Beta Computers performs a service on account one answer must be chosen AnswerCashAccounts ReceivablePrepaid InsuranceAccounts PayableCapital IntroducedService RevenueAdvertising ExpenseSalary ExpenseInterest Expense AnswerCashAccounts ReceivablePrepaid InsuranceAccounts...
1 2 4 Question 5 Fischer's Management Consulting has the following transactions in August. Aug. Jim...
1 2 4 Question 5 Fischer's Management Consulting has the following transactions in August. Aug. Jim Fischer, the owner, invested $14,800 cash in the business. Signed a contract with a customer to provide 90 days of consulting services for $37,500. Paid rent in advance for three months, $2,590. 5 Purchased $500 of supplies on account. 6 Received $1,260 from clients for services provided. 12 Paid suppliers on account $320. 17 Billed clients $1,550 for services performed. Paid secretary $750 salary....
CHAPTERS 1 AND 2 -- Page 6 Number(s) of account (s) debited Number(s) of account (s)...
CHAPTERS 1 AND 2 -- Page 6 Number(s) of account (s) debited Number(s) of account (s) credited 1. Tom Fast invests $90,000 cash to start the business. Purchased three photocopy machines for $200,000, paying. $50,000 cash and signing a 5-year, 104 note for the remainder. 3. Purchased $5,000 paper supplies on credit 4. Cash photocopy revenue amounted to $7,000. 5. Paid $500 cash for radio advertising. 6. Paid $800 on account for paper supplies purchased in trans- action 3. 7....
Required a. In parallel columns, list the accounts that would be debited and credited for each...
Required a. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions: Event Account Debited Account Credited (1) Acquired cash from the issue of common stock. (2) Provided services for cash. (3) Paid cash for salaries expense. (4) Purchased supplies for cash. (5) Paid in advance for two-year lease on office space. (6) Provided services on account. |(7) Recognized expense for prepaid rent that had been used up by the end...
The transactions of Spade Company appear below. Kacy Spade, owner, invested $18,500 cash in the company...
The transactions of Spade Company appear below.
Kacy Spade, owner, invested $18,500 cash in the company in
exchange for common stock.
The company purchased office supplies for $537 cash.
The company purchased $10,231 of office equipment on
credit.
The company received $2,183 cash as fees for services provided
to a customer.
The company paid $10,231 cash to settle the payable for the
office equipment purchased in transaction c.
The company billed a customer $3,922 as fees for services
provided.
The...
Selected transactions for the Crane Corporation during its first month of operations are presented below: Sept....
Selected transactions for the Crane Corporation during its first month of operations are presented below: Sept. 1 Issued common shares for $19,200 cash. 2 Performed $9,600 of services on account for a customer. 4 Purchased equipment for $10,800, paying $5,400 in cash and borrowing the balance from the bank. 10 Purchased $470 of supplies on account. 25 Received $4,200 cash in advance for architectural services to be provided next month. 30 Paid $282 on account in partial payment of amount...
Required For each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are identified as an example, Account Debited Cash Account Credited Common stock Event a. Received cash by issuing common stock b. Received cash for services to be performed in the future. c. Paid salaries payable. d. Provided services on account. e. Pald cash for operating expenses. 1. Purchased supplies on account. 9....
20. For each transaction, identify which account is debited and which account is credited. Use proper account titles (Cash, Accounts Receivable, etc.). Debit Credit Transaction Received a bill for utilities to be paid next month Performed services on account Paid employees' salaries Paid cash for a 6-month insurance policy, with coverage starting next month Paid dividends to stockholders Borrowed cash and signed a promissory note Used up warehouse supplies Received cash from a customer to pay on their account Received...
3. Name the accounts debited and credited for each of the following transactions. (a) Billing a customer for work done. (b) Receipt of cash from customer on account. (c) Purchase of office supplies on account. (d) Purchase of 15 gallons of gasoline for the delivery truck.
1 2 4 Question 5 Fischer's Management Consulting has the following transactions in August. Aug. Jim Fischer, the owner, invested $14,800 cash in the business. Signed a contract with a customer to provide 90 days of consulting services for $37,500. Paid rent in advance for three months, $2,590. 5 Purchased $500 of supplies on account. 6 Received $1,260 from clients for services provided. 12 Paid suppliers on account $320. 17 Billed clients $1,550 for services performed. Paid secretary $750 salary....
CHAPTERS 1 AND 2 -- Page 6 Number(s) of account (s) debited Number(s) of account (s) credited 1. Tom Fast invests $90,000 cash to start the business. Purchased three photocopy machines for $200,000, paying. $50,000 cash and signing a 5-year, 104 note for the remainder. 3. Purchased $5,000 paper supplies on credit 4. Cash photocopy revenue amounted to $7,000. 5. Paid $500 cash for radio advertising. 6. Paid $800 on account for paper supplies purchased in trans- action 3. 7....
Required a. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions: Event Account Debited Account Credited (1) Acquired cash from the issue of common stock. (2) Provided services for cash. (3) Paid cash for salaries expense. (4) Purchased supplies for cash. (5) Paid in advance for two-year lease on office space. (6) Provided services on account. |(7) Recognized expense for prepaid rent that had been used up by the end...
The transactions of Spade Company appear below.
Kacy Spade, owner, invested $18,500 cash in the company in
exchange for common stock.
The company purchased office supplies for $537 cash.
The company purchased $10,231 of office equipment on
credit.
The company received $2,183 cash as fees for services provided
to a customer.
The company paid $10,231 cash to settle the payable for the
office equipment purchased in transaction c.
The company billed a customer $3,922 as fees for services
provided.
The...
Selected transactions for the Crane Corporation during its first month of operations are presented below: Sept. 1 Issued common shares for $19,200 cash. 2 Performed $9,600 of services on account for a customer. 4 Purchased equipment for $10,800, paying $5,400 in cash and borrowing the balance from the bank. 10 Purchased $470 of supplies on account. 25 Received $4,200 cash in advance for architectural services to be provided next month. 30 Paid $282 on account in partial payment of amount...
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