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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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