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Chart of Accounts Cash Equipment Service Revenue Accounts Receivable Land Salaries Expense Supplies Accounts Payable Rent Expense Prepaid Insurance Notes Payable Insurance Expense Merchandise Inventory Common Stock Utilities Expense Furniture Sales Revenue no entry required PLEASE NOTE: If used, type in the account names exactly as written above. Transaction DR Account CR Account A new employee is hired to work 40 hours No Entry Requi No Entry Requi per week at $22/hour. Received and paid utility bill for past Utility Expense Cash month, $458. Supplies worth $750 are purchased on Supplies Accounts Payat account. Recorded cash sales to customer, $1,450. Cash Sales Revenue Client paid for services rendered Cash Accounts Recei previously, $325. Paid for inventory purchased on account Salaries Expens Cash last month, $1,250. Purchased equipment with bank loan, Equipment Notes Payable $25,000. Paid salaries due for the month, $1,725. Accounts Payał Cash Accounts Recei Merchandise In Sold inventory on account for $2,345. Paid for one year of fire insurance, $9,000. Prepaid Insuran Cash

Chart of Accounts Cash Equipment Service Revenue Accounts Receivable Land Salaries Expense Supplies Accounts Payable Rent Expense Prepaid Insurance Notes Payable Insurance Expense Merchandise Inventory Common Stock Utilities Expense Furniture Sales Revenue no entry required PLEASE NOTE: If used, type in the account names exactly as written above. Transaction DR Account CR Account A new employee is hired to work 40 hours No Entry Requi No Entry Requi per week at $22/hour. Received and paid utility bill for past Utility Expense Cash month, $458. Supplies worth $750 are purchased on Supplies Accounts Payat account. Recorded cash sales to customer, $1,450. Cash Sales Revenue Client paid for services rendered Cash Accounts Recei previously, $325. Paid for inventory purchased on account Salaries Expens Cash last month, $1,250. Purchased equipment with bank loan, Equipment Notes Payable $25,000. Paid salaries due for the month, $1,725. Accounts Payał Cash Accounts Recei Merchandise In Sold inventory on account for $2,345. Paid for one year of fire insurance, $9,000. Prepaid Insuran Cash

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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Using the following Chart of Accounts, identify the accounts used for the following journal entries or state "no entry required" for both accounts, if none is required.

Chart of Accounts Cash Equipment Service Revenue Accounts Receivable Land Salaries Expense Supplies Accounts Payable Rent Expense Prepaid Insurance Notes Payable Insurance Expense Merchandise Inventory Common Stock Utilities Expense Furniture Sales Revenue no entry required PLEASE NOTE: If used, type in the account names exactly as written above. Transaction DR Account CR Account A new employee is hired to work 40 hours No Entry Requi No Entry Requi per week at $22/hour. Received and paid utility bill for past Utility Expense Cash month, $458. Supplies worth $750 are purchased on Supplies Accounts Payat account. Recorded cash sales to customer, $1,450. Cash Sales Revenue Client paid for services rendered Cash Accounts Recei previously, $325. Paid for inventory purchased on account Salaries Expens Cash last month, $1,250. Purchased equipment with bank loan, Equipment Notes Payable $25,000. Paid salaries due for the month, $1,725. Accounts Payał Cash Sold inventory on account for $2,345. Accounts Recei Merchandise In Cash Paid for one year of fire insurance, $9,00o. Prepaid Insuran
Transcribed Image Text:Chart of Accounts Cash Equipment Service Revenue Accounts Receivable Land Salaries Expense Supplies Accounts Payable Rent Expense Prepaid Insurance Notes Payable Insurance Expense Merchandise Inventory Common Stock Utilities Expense Furniture Sales Revenue no entry required PLEASE NOTE: If used, type in the account names exactly as written above. Transaction DR Account CR Account A new employee is hired to work 40 hours No Entry Requi No Entry Requi per week at $22/hour. Received and paid utility bill for past Utility Expense Cash month, $458. Supplies worth $750 are purchased on Supplies Accounts Payat account. Recorded cash sales to customer, $1,450. Cash Sales Revenue Client paid for services rendered Cash Accounts Recei previously, $325. Paid for inventory purchased on account Salaries Expens Cash last month, $1,250. Purchased equipment with bank loan, Equipment Notes Payable $25,000. Paid salaries due for the month, $1,725. Accounts Payał Cash Sold inventory on account for $2,345. Accounts Recei Merchandise In Cash Paid for one year of fire insurance, $9,00o. Prepaid Insuran
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