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DATE March 1, 20X1 March 2, 20X1 March 3, 20X1 March 4, 20X1 March 5, 20X1 March 6, 20X1 March 7, 20X1 March 8, 20X1 March 9, 20X1 March 10, 20X1 TRANSACTIONS The owner made an additional investment of $50,000 in cash. Purchased supplies for $4,650 on credit. Issued a check for $4,500 to pay the monthly rent. Provided services for $7,560 on credit. Performed services for $18,650 in cash. Issued a check for $2,850 to pay a creditor on account. Purchased new equipment for $9,800 and paid for it immediately by Collected $5,260 from credit customers. Sent a check for $1,375 to the utility company to pay the monthly Gave a cash refund of $925 to a customer because of a lost packag. paid in cash). Exercise 4.1 (Static) Analyzing transactions. LO 4-1 Date March 1, 20X1 March 2, 20X1 March 3, 20X1 March 4, 20X1 March 5, 20X1 March 6, 20X1 March 7, 20X1 March 8, 20X1 March 9, 20X1 March 10, 20X1 nalyze the transactions and indicate by number what accounts should be debited and credited Transaction 1. The owner made an additional investment of $50,000 in cash. 2. Purchased supplies for $4,650 on credit. 3. Issued a check for $4,500 to pay the monthly rent. 4. Provided services for $7,560 on credit. 5. Performed services for $18,650 in cash. 6. Issued a check for $2,850 to pay a creditor on account. 7. Purchased new equipment for $9,800 and paid for it immediately by check.. 8. Collected $5,260 from credit customers. 9. Sent a check for $1,375 to the utility company to pay the monthly bill. 10. Gave a cash refund of $925 to a customer because of a lost package (the customer previously paid in cash).

DATE March 1, 20X1 March 2, 20X1 March 3, 20X1 March 4, 20X1 March 5, 20X1 March 6, 20X1 March 7, 20X1 March 8, 20X1 March 9, 20X1 March 10, 20X1 TRANSACTIONS The owner made an additional investment of $50,000 in cash. Purchased supplies for $4,650 on credit. Issued a check for $4,500 to pay the monthly rent. Provided services for $7,560 on credit. Performed services for $18,650 in cash. Issued a check for $2,850 to pay a creditor on account. Purchased new equipment for $9,800 and paid for it immediately by Collected $5,260 from credit customers. Sent a check for $1,375 to the utility company to pay the monthly Gave a cash refund of $925 to a customer because of a lost packag. paid in cash). Exercise 4.1 (Static) Analyzing transactions. LO 4-1 Date March 1, 20X1 March 2, 20X1 March 3, 20X1 March 4, 20X1 March 5, 20X1 March 6, 20X1 March 7, 20X1 March 8, 20X1 March 9, 20X1 March 10, 20X1 nalyze the transactions and indicate by number what accounts should be debited and credited Transaction 1. The owner made an additional investment of $50,000 in cash. 2. Purchased supplies for $4,650 on credit. 3. Issued a check for $4,500 to pay the monthly rent. 4. Provided services for $7,560 on credit. 5. Performed services for $18,650 in cash. 6. Issued a check for $2,850 to pay a creditor on account. 7. Purchased new equipment for $9,800 and paid for it immediately by check.. 8. Collected $5,260 from credit customers. 9. Sent a check for $1,375 to the utility company to pay the monthly bill. 10. Gave a cash refund of $925 to a customer because of a lost package (the customer previously paid in 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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DATE March 1, 20X1 March 2, 20X1 March 3, 20X1 March 4, 20X1 March 5, 20X1 March 6, 20X1 March 7, 20X1 March 8, 20X1 March 9, 20X1 March 10, 20X1 TRANSACTIONS The owner made an additional investment of $50,000 in cash. Purchased supplies for $4,650 on credit. Issued a check for $4,500 to pay the monthly rent. Provided services for $7,560 on credit. Date March 1, 20X1 March 2, 20X1 March 3, 20X1 March 4, 20X1 March 5, 20X1 March 6, 20X1 March 7, 20X1 March 8, 20X1 March 9, 20X1 March 10, 20X1 Performed services for $18,650 in cash. Issued a check for $2,850 to pay a creditor on account. Purchased new equipment for $9,800 and paid for it immediately by check. Collected $5,260 from credit customers. Sent a check for $1,375 to the utility company to pay the monthly bill. Gave a cash refund of $925 to a customer because of a lost package (the customer previously paid in cash). Exercise 4.1 (Static) Analyzing transactions. LO 4-1 nalyze the transactions and indicate by number what accounts should be debited and credited for each transaction. Transaction 1. The owner made an additional investment of $50,000 in cash. 2. Purchased supplies for $4,650 on credit. 3. Issued a check for $4,500 to pay the monthly rent. 4. Provided services for $7,560 on credit. 5. Performed services for $18,650 in cash. 6. Issued a check for $2,850 to pay a creditor on account. 7. Purchased new equipment for $9,800 and paid for it immediately by check. 8. Collected $5,260 from credit customers. 9. Sent a check for $1,375 to the utility company to pay the monthly bill. 10. Gave a cash refund of $925 to a customer because of a lost package (the customer previously paid in cash). 2 x Debit Next > Credit
Transcribed Image Text:DATE March 1, 20X1 March 2, 20X1 March 3, 20X1 March 4, 20X1 March 5, 20X1 March 6, 20X1 March 7, 20X1 March 8, 20X1 March 9, 20X1 March 10, 20X1 TRANSACTIONS The owner made an additional investment of $50,000 in cash. Purchased supplies for $4,650 on credit. Issued a check for $4,500 to pay the monthly rent. Provided services for $7,560 on credit. Date March 1, 20X1 March 2, 20X1 March 3, 20X1 March 4, 20X1 March 5, 20X1 March 6, 20X1 March 7, 20X1 March 8, 20X1 March 9, 20X1 March 10, 20X1 Performed services for $18,650 in cash. Issued a check for $2,850 to pay a creditor on account. Purchased new equipment for $9,800 and paid for it immediately by check. Collected $5,260 from credit customers. Sent a check for $1,375 to the utility company to pay the monthly bill. Gave a cash refund of $925 to a customer because of a lost package (the customer previously paid in cash). Exercise 4.1 (Static) Analyzing transactions. LO 4-1 nalyze the transactions and indicate by number what accounts should be debited and credited for each transaction. Transaction 1. The owner made an additional investment of $50,000 in cash. 2. Purchased supplies for $4,650 on credit. 3. Issued a check for $4,500 to pay the monthly rent. 4. Provided services for $7,560 on credit. 5. Performed services for $18,650 in cash. 6. Issued a check for $2,850 to pay a creditor on account. 7. Purchased new equipment for $9,800 and paid for it immediately by check. 8. Collected $5,260 from credit customers. 9. Sent a check for $1,375 to the utility company to pay the monthly bill. 10. Gave a cash refund of $925 to a customer because of a lost package (the customer previously paid in cash). 2 x Debit Next > Credit
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