Activity 4: Directions: For each transaction, tell what specific account title is affected and write the account title on the correct side of the big T- account. Write your answer in your activity notebook. Number One is done for you. DEBIT CREDIT 1. The owner invests equipment in the business. 1.Equipment Capital 2. The company receives cash from a bank loan. 3. The company repays the bank loan. 4. The company purchases furniture on a cash basis.

Activity 4: Directions: For each transaction, tell what specific account title is affected and write the account title on the correct side of the big T- account. Write your answer in your activity notebook. Number One is done for you. DEBIT CREDIT 1. The owner invests equipment in the business. 1.Equipment Capital 2. The company receives cash from a bank loan. 3. The company repays the bank loan. 4. The company purchases furniture on a cash basis.

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Description: Activity 4:Directions: For each transaction, tell what specific account title isaffected and write the account title on the correct side of the big T-account. Write your answer in your activity notebook. Number One isdone for you.DEBITCREDIT1.Equipm

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section: Chapter Questions

Problem 1MP

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Activity 4:
Directions: For each transaction, tell what specific account title is
affected and write the account title on the correct side of the big T-
account. Write your answer in your activity notebook. Number One is
done for you.
DEBIT
CREDIT
1.Equipment
Capital
1. The owner invests equipment in the business.
2. The company receives cash from a bank loan.
3. The company repays the bank loan.
4. The company purchases furniture on a cash basis.
5. The company purchases land with written notes.
6. The company sales on account.
7. The company pays the electric bill in cash
8. The company purchases supplies on account.
9. The company repays the supplies.
10. The owner withdraws cash for personal use.
2022.03.04 21:48

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Analyze each transaction and match it with the correct journal entry as stated. Be sure to look at each transaction carefully to ensure you make the correct choice. Purchase on account some office equipment Paid for utilities expense Paid the bank back the money previously borrowed on a note Paid the telephone bill received Made a partial payment to a creditor on account Took cash out of the business to pay for a personal bill Record revenues earned, but not collected yet Record internet expenses incurred, but not paid yet Received cash for the return of some equipment that was defective Received Payment from customer on an accounts receivable Made payment to an accounts payable Paid salary for office administrator Dr. Office Equipment; Cr. Acc Dr. Utilities Expense; Cr. Casl Dr. Accounts Payable; Cr. Cas Dr. Telephone Expense; Cr. C✓ Dr. Cash; Cr. Account Receivi Dr. Accounts Payable; Cr. Ca: ✓ Dr. Internet Expense; Cr. Acc Dr. Internet Expense; Cr. Acc Dr. Cash; Cr. Account Receiv:…
Match the correct journal book for each of the transactions. Activity 1. A. Cash Receipts Journal B. Cash Disbursement Journal C. Purchase Journal D. Sales Journal E. General Journal _1. Owner's cash investment _2. On account Sales 3. Payment of electric bill _4.Purchase of office supplies on account _5. Sold old office equipment on account _6. Sold inventory on account _7. Received but did not pay phone bill _8. Received proceeds of borrowed money from the bank _9. Returned goods from cash sales 10. Down payment made on purchase of merchandise. _11. A customer who bought merchandise on account returned the some defective items he receive. _12. The company issued check in payment of the merchandise purchased. _13. Received a check payment from a customer. _14. The company returned damaged goods purchased in cash from its supplier. 15. Owner invested her personal car in the business. 21
ADDITIONAL PRACTICE PROBELM: TRANSACTION JOURNAL ENTRIES Do you know your Left from your Right? Debits and Credits as you shop Instructions: Below are some examples of transactions that college students might engage in. For each transaction record the proper journal entry. Transaction Journal entry 1. You buy a computer for $1,500.00 on credit DR: $1,500.00 CR: $1,500.00 | 2. You purchase for cash ($2.00) and consume a DR: $2.00 St. Pauli Girl at the local pub. CR: $2.00 3. You purchase for future consumption a case DR: $35.00 of St. Pauli Girl for $35.00 cash CR: $35.00 4. You work a part-time job and receive $500 in DR: $500.00 monthly compensation CR: $500.00 5. You pay $1,000 toward the computer purchased DR: $1.000.00 in (1) above. CR: $1,000.00
SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Opened an account with Bank and made initial deposit1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Bought Equipment on Account3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In…