### Educational Website Content: Accounting Basics --- #### Transaction Entry Exercise In this exercise, you'll learn how to record transactions under three different accounting bases: Cash Basis, Modified Cash Basis, and Accrual Basis. Utilize appropriate debit and credit account titles for each transaction listed below. 1. **Performed services on account.** 2. **Supplies are partly used.** 3. **Purchased one-year insurance policy for cash.** 4. **Received bill for electricity.** 5. **Depreciation on equipment.** 6. **Purchased equipment on account.** 7. **Paid cash for wages.** 8. **Paid for equipment purchased on account.** 9. **Performed services for cash.** 10. **Paid cash for new equipment.** #### Table for Recording Entries The table below is divided into three sections, corresponding to each accounting basis. For each transaction, record the appropriate debits and credits. --- | Transaction # | Cash Basis Debit | Cash Basis Credit | Modified Cash Basis Debit | Modified Cash Basis Credit | Accrual Basis Debit | Accrual Basis Credit | |---------------|------------------|-------------------|---------------------------|----------------------------|---------------------|----------------------| | 1 | | | | | | | | 2 | | | | | | | | 3 | | | | | | | | 4 | | | | | | | | 5 | | | | | | | | 6 | | | | | | | | 7 | | | | | | | | 8 | | | | | | | | 9 | | | | | | | | 10 | | | | | | | --- Use this table to practice identifying and recording transactions properly. Understanding these basics is essential for accurate financial reporting and analysis.

### Educational Website Content: Accounting Basics --- #### Transaction Entry Exercise In this exercise, you'll learn how to record transactions under three different accounting bases: Cash Basis, Modified Cash Basis, and Accrual Basis. Utilize appropriate debit and credit account titles for each transaction listed below. 1. Performed services on account. 2. Supplies are partly used. 3. Purchased one-year insurance policy for cash. 4. Received bill for electricity. 5. Depreciation on equipment. 6. Purchased equipment on account. 7. Paid cash for wages. 8. Paid for equipment purchased on account. 9. Performed services for cash. 10. Paid cash for new equipment. #### Table for Recording Entries The table below is divided into three sections, corresponding to each accounting basis. For each transaction, record the appropriate debits and credits. --- | Transaction # | Cash Basis Debit | Cash Basis Credit | Modified Cash Basis Debit | Modified Cash Basis Credit | Accrual Basis Debit | Accrual Basis Credit | |---------------|------------------|-------------------|---------------------------|----------------------------|---------------------|----------------------| | 1 | | | | | | | | 2 | | | | | | | | 3 | | | | | | | | 4 | | | | | | | | 5 | | | | | | | | 6 | | | | | | | | 7 | | | | | | | | 8 | | | | | | | | 9 | | | | | | | | 10 | | | | | | | --- Use this table to practice identifying and recording transactions properly. Understanding these basics is essential for accurate financial reporting and analysis.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section9.5: Posting From A Cash Payments Journal

Problem 1WT

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