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A Textbook Ref-LO 3.5 2 3 Part A Identify the debit and credits for each of the transactions and the effect on the respective accounts # Date Transaction Debit - Acct 1 1 1/5 Purchases equipment on account for $3,500, payment due within the month. 1/9 Receives $4,000 cash in advance from a customer for services not yet rendered. 1/10 Provides $5,500 in services to a customer who asks to be billed for the services. Pays a $300 utility bill with cash. 4 5 B 6 8 9 1/12 1/17 1/18 Paid in full, with cash, for the equipment purchase on January 5. 7 1/20 Paid $3,600 cash in salaries expense to employees. с Receives $2,800 cash from a customer for services rendered. 10 1/30 1/23 Received cash payment in full from the customer on the January 10 transaction. 1/27 Provides $1,200 in services to a customer who asks to be billed for the services. Purchases supplies on account for $500, payment due within three months. D Equipment E Credit - Acct 2 Accounts Payable Increase Part B If the business started with $100 (normal) balance in its cash account on 1/1, what is its cash balance on 1/31 (after the above transactions): F Effect - Acct 1 Increase G Effect - Acct 2

A Textbook Ref-LO 3.5 2 3 Part A Identify the debit and credits for each of the transactions and the effect on the respective accounts # Date Transaction Debit - Acct 1 1 1/5 Purchases equipment on account for $3,500, payment due within the month. 1/9 Receives $4,000 cash in advance from a customer for services not yet rendered. 1/10 Provides $5,500 in services to a customer who asks to be billed for the services. Pays a $300 utility bill with cash. 4 5 B 6 8 9 1/12 1/17 1/18 Paid in full, with cash, for the equipment purchase on January 5. 7 1/20 Paid $3,600 cash in salaries expense to employees. с Receives $2,800 cash from a customer for services rendered. 10 1/30 1/23 Received cash payment in full from the customer on the January 10 transaction. 1/27 Provides $1,200 in services to a customer who asks to be billed for the services. Purchases supplies on account for $500, payment due within three months. D Equipment E Credit - Acct 2 Accounts Payable Increase Part B If the business started with $100 (normal) balance in its cash account on 1/1, what is its cash balance on 1/31 (after the above transactions): F Effect - Acct 1 Increase G Effect - Acct 2

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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Hi! Coudl you answer the following, I'm a bit confuse with my accounting homework. 

A Textbook Ref-LO 3.5 2 3 Part A Identify the debit and credits for each of the transactions and the effect on the respective accounts # Date Transaction Debit - Acct 1 1 1/5 Purchases equipment on account for $3,500, payment due Equipment within the month. Receives $4,000 cash in advance from a customer for services not yet rendered. Provides $5,500 in services to a customer who asks to be billed for the services. Pays a $300 utility bill with cash. 4 5 B 7 8 6 1/18 10 1/9 1/10 1/12 1/17 C Receives $2,800 cash from a customer for services rendered. Paid in full, with cash, for the equipment purchase on January 5. 1/20 Paid $3,600 cash in salaries expense to employees. 1/23 1/27 1/30 Received cash payment in full from the customer on the January 10 transaction. Provides $1,200 in services to a customer who asks to be billed for the services. D Purchases supplies on account for $500, payment due within three months. E Credit - Acct 2 Accounts Payable Increase Part B If the business started with $100 (normal) balance in its cash account on 1/1, what is its cash balance on 1/31 (after the above transactions): F Effect - Acct 1 Increase G Effect - Acct 2
Transcribed Image Text:A Textbook Ref-LO 3.5 2 3 Part A Identify the debit and credits for each of the transactions and the effect on the respective accounts # Date Transaction Debit - Acct 1 1 1/5 Purchases equipment on account for $3,500, payment due Equipment within the month. Receives $4,000 cash in advance from a customer for services not yet rendered. Provides $5,500 in services to a customer who asks to be billed for the services. Pays a $300 utility bill with cash. 4 5 B 7 8 6 1/18 10 1/9 1/10 1/12 1/17 C Receives $2,800 cash from a customer for services rendered. Paid in full, with cash, for the equipment purchase on January 5. 1/20 Paid $3,600 cash in salaries expense to employees. 1/23 1/27 1/30 Received cash payment in full from the customer on the January 10 transaction. Provides $1,200 in services to a customer who asks to be billed for the services. D Purchases supplies on account for $500, payment due within three months. E Credit - Acct 2 Accounts Payable Increase Part B If the business started with $100 (normal) balance in its cash account on 1/1, what is its cash balance on 1/31 (after the above transactions): F Effect - Acct 1 Increase G Effect - Acct 2
Textbook Ref LO 3.2 Identify the nature of the following accounts and what their normal balances are I Account Title Cash Sales Revenue Accounts Payable Inventory Rent Expense Utilities Payables Notes Payable Unearned Service Revenue Prepaid Insurance Depreciation Interest Income Accounts Receivable ASSET Nature of the Account Normal Balance DEBIT
Transcribed Image Text:Textbook Ref LO 3.2 Identify the nature of the following accounts and what their normal balances are I Account Title Cash Sales Revenue Accounts Payable Inventory Rent Expense Utilities Payables Notes Payable Unearned Service Revenue Prepaid Insurance Depreciation Interest Income Accounts Receivable ASSET Nature of the Account Normal Balance DEBIT
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