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5-6. Wellco paid off a bank loan of $17,200 in cash. 7-8. Wellco returned 43 barrels to its supplier. The supplier paid $34.50 in cash for each barrel.

5-6. Wellco paid off a bank loan of $17,200 in cash. 7-8. Wellco returned 43 barrels to its supplier. The supplier paid $34.50 in cash for each barrel.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Do #5-6 and 7-8 please thank you.

**Quiz 7** --- Name: ___________ Date: ___________ Score: ___________ *Business Mathematics* --- Use your accounting categories sheet to complete the following. Do “T” accounts for the debit and credit entries for each transaction. **1–2.** Wellco paid $14,500 in cash for a delivery truck. **3–4.** Wellco paid in cash its 13 full-time employees $523.14 each and its 9 part-time employees $287.12 each. **5–6.** Wellco paid off a bank loan of $17,200 in cash. **7–8.** Wellco returned 43 barrels to its supplier. The supplier paid $34.50 in cash for each barrel.
Transcribed Image Text:**Quiz 7** --- Name: ___________ Date: ___________ Score: ___________ *Business Mathematics* --- Use your accounting categories sheet to complete the following. Do “T” accounts for the debit and credit entries for each transaction. **1–2.** Wellco paid $14,500 in cash for a delivery truck. **3–4.** Wellco paid in cash its 13 full-time employees $523.14 each and its 9 part-time employees $287.12 each. **5–6.** Wellco paid off a bank loan of $17,200 in cash. **7–8.** Wellco returned 43 barrels to its supplier. The supplier paid $34.50 in cash for each barrel.
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