1. Record each transaction in the journal using the following chart of accounts. Explanations are not required. Cash Murphy, Withdrawals Accounts Receivable Income Summary Office Supplies Service Revenue Prepaid Insurance Salaries Expense Truck Depreciation Expense-Truck Accumulated Depreciation-Truck Insurance Expense Accounts Payable Fuel Expense Salaries Payable Rent Expense Unearned Revenue Supplies Expense Murphy, Capital 2. Post the transactions in the T-accounts.

1. Record each transaction in the journal using the following chart of accounts. Explanations are not required. Cash Murphy, Withdrawals Accounts Receivable Income Summary Office Supplies Service Revenue Prepaid Insurance Salaries Expense Truck Depreciation Expense-Truck Accumulated Depreciation-Truck Insurance Expense Accounts Payable Fuel Expense Salaries Payable Rent Expense Unearned Revenue Supplies Expense Murphy, Capital 2. Post the transactions in the T-accounts.

Name: 1. Record each transaction in the journal using the following chart o
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 1. Record each transaction in the journal using the following chart of accounts.Explanations are not required.CashMurphy, WithdrawalsAccounts ReceivableIncome SummaryOffice SuppliesService RevenuePrepaid InsuranceSalaries ExpenseTruckDepreciation Ex

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter3: The Double-entry Framework

Section: Chapter Questions

Problem 4SEB: NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following...

See similar textbooks

Similar questions

Listed below are the transactions of Joseph Moore, D.D.S., for the month of September. Sept. 1 2 4 4 5 8 10 14 18 19 20 25 30 30 Moore begins practice as a dentist, invests $20,030 cash and issues 2,003 shares of $10 par stock. Purchases dental equipment on account from Green Jacket Co. for $17,820. Pays rent for office space, $690 for the month. Employs a receptionist, Michael Bradley. Purchases dental supplies for cash, $900. Receives cash of $1,770 from patients for services performed. Pays miscellaneous office expenses, $420. Bills patients $5,950 for services performed. Pays Green Jacket Co. on account, $3,760. Pays a dividend of $3,090 cash. Receives $1,060 from patients on account. Bills patients $1,980 for services performed. Pays the following expenses in cash: Salaries and wages $1,700; miscellaneous office expenses $83. Dental supplies used during September, $320. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value.
Which account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts Receivablec. Cashd. Unearned Revenue
In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)
Explain what is meant by the term real accounts (also known as permanent accounts).
Which of the following accounts is increased by a debit?A. Common StockB. Accounts PayableC. SuppliesD. Service Revenue
The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
Assessment Directionis: Prepare tht journal entry fur ech trannactiun Use the follewing account rumbers for pooting vofarmmoc. Write your anawora on a noprate sheet of paper. Ansria Revenue 101 Cash 401 Service Roventae 102 Accounts Reccivable ExpenLeK 501 Salarice Expense Rent Expenne S03 Utlities Experse S04 Advertisinng Expense Miscellaneous Expenne 103 Supplica 104 Service Vahicie 502 Linbility 201 Arcounta Payaıle Owner's Equity 505 Angelie, Capital Angelie, Drowingn 301 302 Micbelle Angelie catabliahed Angelie'n Advartiaing Buoiness. The following are that trandactionn for the whole month of October 2019. Michele Angclic deposited P250,000 under the name of the buaines She aoquired a service vebkcln in the amount of F195,000 an aocount. Ot 1. She aoquired supplles for cash worth P57.000. Sho recolved Pg7,500 coalı for palnted ulgna. 10 Sho paid the nonth'a rent amounting to P25,000. 11 Sho pulnted signa for Mundo Mobile an accDunt for P170,000. 12 She pald PS5,000 on account from…
A summarized statement of transactions relating to a particular person, item expense or income. a. invoice O b. voucher chart of accounts Cd. accounts
Post the transactions to T-accounts
Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off
Which of the following is an example of a prepaid expense? Please explain with full explanation. a. Supplies b. Accounts Receivable c. Unearned Subscription Revenue d. Unearned Fees
All transactions entered in this window result in a debit to the Accounts Receivable account. a. Invoice b. Undeposited Funds c. Accounts Payable d. Cash