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Debit | Credit | Remarks | |||
a. | 5 | 6 | Sale of common stock | ||
b. | 2 | 13 | Accounts Receivable will be debited as service is performed on credit. | ||
c. | 14 | 1 | Supplies Purchased on Credit hence Accounts Payable will be credited | ||
d. | 11 | 5 | Since insurance is for NEXT 12 months, debited Prepaid Insurance. | ||
e. | 4 | 5&10 | For 20% cash will be credited and for balance, note payable will be credited | ||
f. | 5 | 2 | Cash Collection from receivable | ||
g. | 12 | 5 | Cash paid for Salaries expense | ||
h. | 1 | 5 | Paid to Payables | ||
i. | 3 | 5 | Cash paid for Advertising Expense | ||
j. | 3 | 1 | Advertising Expense Debited and since its on credit, payable will be credited | ||
k. | 5 | 13 | Cash Received is debited and service performed is credited | ||
l. | 15 | 14 | Supplies used hence credited Supplies which will reduce inventory | ||
m. | 7 | 8 | Income Tax expense debited and since it is not paid, payable credited | ||
n. | NA | NA | Since shareholder sold his/her shares, it will not impact company accounts |
The following is a series of accounts for Dewan & Allard, Incorporated, which has been operating...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations by acquiring $21,000 of cash from the issue of common stock. Performed services and collected cash of $900. Collected $4,900 of cash in advance for services to be provided over the next 12 months. Provided $12,100 of services on account. Purchased supplies of $490 on account. Asset Exchange Transactions Purchased $4,900 of land for cash. Collected $7,900 of cash from accounts receivable. Purchased $540...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations by acquiring $21,000 of cash from the issue of common stock. Performed services and collected cash of $900. Collected $4,900 of cash in advance for services to be provided over the next 12 months. Provided $12,100 of services on account. Purchased supplies of $490 on account. Asset Exchange Transactions Purchased $4,900 of land for cash. Collected $7,900 of cash from accounts receivable. Purchased $540...
5. The following transactions occurred for Wilke Technology Solutions: 4(Click the icon to view the transactions.) Read the requirement" (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) May 1: The business received cash of $105,000 and issued common stock to Zoe Wilke. Date Accounts and Explanation Debit Credit May 1 CE May 2: Purchased office supplies on account, $550. Date Accounts and Explanation Debit Credit May 2 (6) (10) May 4:...
Use the following to answer questions 10 - 13 Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash) see below. Only include the letter of the account not the account name. A Accounts payable E. Dividends 1. Rent expense M. Service revenue B Accounts receivable F. Equipment J. Retained earnings N. Supplies C. Cash G....
Sunland Company, opened an incorporated dental practice on
January 1, 2017. During the first month of operations, the
following transactions occurred.
1.
Performed services for patients who had dental plan insurance.
At January 31, $900 of such services was completed but not yet
billed to the insurance companies.
2.
Utility expenses incurred but not paid prior to January 31
totaled $790.
3.
Purchased dental equipment on January 1 for $86,650, paying
$22,200 in cash and signing a $64,450, 3-year note...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations by acquiring $21,000 of cash from the issue of common stock. Performed services and collected cash of $900. Collected $4,900 of cash in advance for services to be provided over the next 12 months. Provided $12,100 of services on account. Purchased supplies of $490 on account. Asset Exchange Transactions Purchased $4,900 of land for cash. Collected $7,900 of cash from accounts receivable. Purchased $540...
LO 2, 4 Problem 3-27A Recording events in a statements The following Asset Source Transactions 1. Began oper CHECK FIGURE b. Total debits: $39,125 model and T-accounts and preparing a trial balance accounting events apply to Parks Co. for the year 2011 ations when the business acquired $20,000 cash from the issue of common stock 2. Performed services and collected cash of $1,000. . Collected $4,500 of cash in advance for services to be provided over the next 12 months...
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. __ __...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1 Required Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example. Used to Decrease This Account Used to Increase This Account Account Titles Credit Debit Insurance Expense Rent Expense Prepaid Rent Interest Revenue Accounts Receivable Accounts Payable...
Roth Contractors Corporation was incorporated on December 1,
2019 and had the following transactions during December: PART B
Here are answers to part A along with the instructions.
Part B The following information relates to December 31, 2019: o. One month of the prepaid insurance has expired. p. The December portion of the rent paid on December 1 has expired. q. A physical count indicates that $350 of supplies is still on hand. r. The amount collected in transaction m...