Debit and Credit Effect on Transactions Jefferson Framers engaged in the following transactions: a. Purchased land for $65,000 cash. b. Purchased equipment for $26,400 in exchange for a 1-year, 8% note payable. c. Purchased office supplies on credit for $1,200 from Office Depot. d. Paid $20,000 principal plus $700 interest on a note payable. e. Paid an account payable in the amount of $3,550. f. Provided $61,300 of services on credit. g. Provided $12,800 of services for cash. h. Collected $26,910 of accounts receivable. i. Paid $12,760 of wages in cash. j. Issued common stock for $45,000 cash. Required: Select the correct information for each transaction. Enter the debits before the credits. Transaction a is entered as an example.
Debit and Credit Effect on Transactions Jefferson Framers engaged in the following transactions: a. Purchased land for $65,000 cash. b. Purchased equipment for $26,400 in exchange for a 1-year, 8% note payable. c. Purchased office supplies on credit for $1,200 from Office Depot. d. Paid $20,000 principal plus $700 interest on a note payable. e. Paid an account payable in the amount of $3,550. f. Provided $61,300 of services on credit. g. Provided $12,800 of services for cash. h. Collected $26,910 of accounts receivable. i. Paid $12,760 of wages in cash. j. Issued common stock for $45,000 cash. Required: Select the correct information for each transaction. Enter the debits before the credits. Transaction a is entered as an example.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 3CE
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