Question

1. Listed below are accounts to use for transactions (a) through (j), 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. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation Office Equipmeng 4. Building 5. Owner's Capital Cash 2 Depreciation Expense-Office Equipment Owner's Drawing 2 Fees Earned 10 Insurance Expense 11. Insurance Payable 12. Interest Expense 13. Interest Payable 14 Interest Receivable 15 Land 16.Notes Payable 17 Office Supplies 18 Office Supplies Expense 12. Prepaid Insurance 20 Uneamed Fees Utilities Expense 12 Utilities Payable Transactions Account(s) Debited Account(s) Credited la. Utility bill is received: payment will be made in 10 days. 5. Paid the utility bill previously recorded in transaction (a) Bought a three-year insurance policy and paid in full d. Made an entry to adjust for the expired portion of the insurance premium. Received $7.000 from a contract to perform accounting services over the next wo years. f. Made an entry to adjust for half of the Services performed in (e) Purchased office supplies, paying part cash and charging the balance on account. H. Borrowed money from a bank and signed a note payable due in six months Recorded one month's accrued interest on the note payable. Depreciation is recorded on office equipment.

Answer 1

Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!

Event	Debited	Credited
a	Utilities Expense	Utilities Payable
b	Utilities Payable	Cash
c	Prepaid Insurance	Cash
d	Insurance Expense	Prepaid Insurance
e	Cash	Unearned Fees
f	Unearned Fees	Fees Unearned
g	Office Supplies	Cash, Accounts Payable
h	Cash	Notes Payable
i	Interest Expense	Interest Payable
j	Depreciation Expense- Office Equipment	Accumulated Depreciation- Office Equipment