1. For the following events, write the name of the account to be debited and credited. Event Account Debited Account Credited 1. Purchased supplies for cash. 2. Paid in advance for two-year lease on office space. 3. Provided services on account. 4. Recognized expense for prepaid rent that had been used up by the end of the accounting period. 5. Recognized accrued interest revenue 5. Recorded accrued salaries at the end of he accounting period.
1. For the following events, write the name of the account to be debited and credited. Event Account Debited Account Credited 1. Purchased supplies for cash. 2. Paid in advance for two-year lease on office space. 3. Provided services on account. 4. Recognized expense for prepaid rent that had been used up by the end of the accounting period. 5. Recognized accrued interest revenue 5. Recorded accrued salaries at the end of he accounting period.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Solve this question with steps please. The subject is fundamental of financial accounting.
Transcribed Image Text:1. For the following events, write the name of the account to be debited and credited.
Event
Account Debited
Account Credited
1. Purchased supplies for cash.
2. Paid in advance for two-year lease on
office space.
3. Provided services on account.
4. Recognized expense for prepaid rent that
had been used up by the end of the
accounting period.
5. Recognized accrued interest revenue
6. Recorded accrued salaries at the end of
the accounting period.
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