Analyzing transactions.
Selected accounts from the general ledger of the Express Courier Service follow. Analyze the following transactions and indicate by number what accounts should be debited and credited for each transaction.
101 Cash
111 Accounts Receivable
121 Supplies
131 Equipment
202 Accounts Payable
301 Sam Taylor, Capital
401 Fees Income
511 Rent Expense
514 Salaries Expense
517 Utilities Expense
TRANSACTIONS
1. Gave a cash refund of $720 to a customer because of a lost package. (The customer had previously paid in cash.)
2. Sent a check for $1,500 to the utility company to pay the monthly bill.
3. Provided services for $13,000 on credit.
4. Purchased new equipment for $8,400 and paid for it immediately by check.
5. Issued a check for $6,000 to pay a creditor on account.
6. Performed services for $9,300 in cash.
7. Collected $11,200 from credit customers.
8. The owner made an additional investment of $40,000 in cash.
9. Purchased supplies for $4,000 on credit.
10. Issued a check for $3,700 to pay the monthly rent.
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