Analyzing transactions.Selected accounts from the general ledger of the Ray Shipping Service follow. Analyze the followingtransactions and indicate by number what accounts should be debited and credited for each transaction.101 Cash111 Accounts Receivable121 Supplies131 Equipment202 Accounts Payable301 Richelle Ray, Capital401 Fees Income511 Rent Expense514 Salaries Expense517 Utilities ExpenseTRANSACTIONS1. Gave a cash refund of $750 to a customer because of a lost package. (The customer had previ-ously paid in cash.)2. Sent a check for $1,050 to the utility company to pay the monthly bill.3. Provided services for $7,800 on credit.4. Purchased new equipment for $4,600 and paid for it immediately by check5. Issued a check for $3,500 to pay a creditor on account.6. Performed services for $15,250 in cash.7. Collected $6,250 from credit customers.8. The owner made an additional investment of $25.000 in cash.9. Purchased supplies for $3,250 on credit.10. Issued a check for $3,750 to pay the monthly rent.

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Description: Analyzing transactions.Selected accounts from the general ledger of the Ray Shipping Service follow. Analyze the followingtransactions and indicate by number what accounts should be debited and credited for each transaction.101 Cash111 Accounts Rece

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Analyzing transactions. Selected accounts from the general ledger of the Ray Shipping Service follow. Analyze the following transactions and indicate by number what accounts should be debited and credited for each transaction. 101 Cash 111 Accounts Receivable 121 Supplies 131 Equipment 202 Accounts Payable 301 Richelle Ray, Capital 401 Fees Income 511 Rent Expense 514 Salaries Expense 517 Utilities Expense TRANSACTIONS 1. Gave a cash refund of $750 to a customer because of a lost package. (The customer had prev ously paid in cash.) 2. Sent a check for $1,050 to the utility company to pay the monthly bill. 3. Provided services for $7,800 on credit. 4. Purchased new equipment for $4,600 and paid for it immediately by check. 5. Issued a check for $3,500 to pay a creditor on account. 6. Performed services for $15,250 in cash. 7. Collected $6,250 from credit customers. 8. The owner made an additional investment of $25,000 in cash.

Analyzing transactions. Selected accounts from the general ledger of the Ray Shipping Service follow. Analyze the following transactions and indicate by number what accounts should be debited and credited for each transaction. 101 Cash 111 Accounts Receivable 121 Supplies 131 Equipment 202 Accounts Payable 301 Richelle Ray, Capital 401 Fees Income 511 Rent Expense 514 Salaries Expense 517 Utilities Expense TRANSACTIONS 1. Gave a cash refund of $750 to a customer because of a lost package. (The customer had prev ously paid in cash.) 2. Sent a check for $1,050 to the utility company to pay the monthly bill. 3. Provided services for $7,800 on credit. 4. Purchased new equipment for $4,600 and paid for it immediately by check. 5. Issued a check for $3,500 to pay a creditor on account. 6. Performed services for $15,250 in cash. 7. Collected $6,250 from credit customers. 8. The owner made an additional investment of $25,000 in cash.

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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