Question

8:33 Search I LIE Module 2 - Chapter 3 - Excercise 3.... 1. Listed below are accounts to use for transactions (a) through each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box AP en este Accumsand Depuis le quart pole pre-Office pancet 10 E be Park 2 Suple Supp Expres Acebed Accorded 1 dhe bill provided Math ww Mademonty to adjust for half of the Bemowed my bok de pole dae lasin Recorded and interest Preparating stics for the following transaction the beginning balance of the pictwa 323. Dage omny bought applies in the 135. Ale The company has a 12 payable in the west 17.20 m. The The company has the more paid on the front of every far work performed the fortemente how the work performed during the cond half of the month Hisyal 35. The term die for eache-day wa Monday day. The day them on Thursday D Dashboard Calendar Notifications Inbox

Answer 1

1.

Transaction	Accounts Debited	Accounts Credited
a	Utilities Expense	Accounts Payable
b	Accounts Payable	Cash
c	Prepaid Insurance	Cash
d	Insurance Expense	Prepaid Insurance
e	Cash	Unearned Fees
f	Unearned Fees	Fees Earned
g	Office Supplies	Cash Accounts Payable
h	Cash	Notes payable
i	Interest Expense	Interest Payable
j	Depreciation Expense	Accumulated Depreciation

2.

Account Titles	Debit	Credit
Supplies Expense	$                637
Supplies		$               637
Interest Expense	$                170
Interest Payable		$               170
Salaries Expense	$            3,270
Salaries Payable		$            3,270
Unearned Fees	$          27,600
Fees Earned		$         27,600
Accounts Receivable	$            5,700
Fees Earned		$            5,700

3.
(a)

Account Titles	Debit	Credit
Accounts Receivable	$                300
Fees Earned		$               300
(To record fees earned but not billed)
Insurance Expense	$                400
Prepaid Insurance		$               400
(To record insurance expired)
Supplies Expense	$                800
Supplies		$               800
(To record Supplies consumed)
Depreciation Expense	$            5,500
Accumulated Depreciation		$            5,500
(To record depreciation for the period)
Wages Expense	$                900
Wages Payable		$               900
(To record accrued wages)
Unearned Fees	$                200
Fees Earned		$               200
(To record fees earned)

(b)
Net Income = $25500-(14900+5500+800+400) = $3900

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