DebitCreditLogan, CapitalClark Logan made cash investment in hisbusiness.An office equipment was bought oncredit.3 The obligation in number 2 was paid tothe creditor.4 An equipment was bought on cash basis.Cash2Office EquipmentAccounts PayableThe owner withdrew cash from thebusiness.6 Paid rent for the month.

Lets understand the basics. Journal entry is required to make to record the financial event and…

Debit Credit Clark Logan made cash investment in his business. Cash Logan, Capital Office Equipment An office equipment was bought on credit. Accounts Payable The obligation in number 2 was paid to the creditor. An equipment was bought on cash basis. 3 4. The owner withdrew cash from the business. Paid rent for the month. 6 2.

Debit Credit Clark Logan made cash investment in his business. Cash Logan, Capital Office Equipment An office equipment was bought on credit. Accounts Payable The obligation in number 2 was paid to the creditor. An equipment was bought on cash basis. 3 4. The owner withdrew cash from the business. Paid rent for the month. 6 2.

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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Fact Debit Card Credit Card Both Money is borrowed and repaid at a later date Money is automatically taken out of a checking account Great for emergency situations You may pay interest You may pay late fees May result in debt Acts as cash Convenient
for each entry. (Record debits first, then credits Seled the explanation on the last line of the journal entry table.) Apr. 4: Collected $1.500 cash rom a cient on account Date Accounts and Explanation Debit Credit Apr. 4 Cash 1.500 Accounts Recelvable 1.500 Received cash on account Apr. 8 Performed tax services for a client on account $3.000 Date Accounts and Explanation Debit Credit Accounts Recelvable 3,800 Ap Senvice Revenue 3.00 Performed aenvices on account Apr. 13 Paid $1.100 on account Date Accounts and Explanation Debit Credit Apr 13 Acceunts Payable 2,400 Cash 2.400 Choose from any ist or enter any number in the input feids and then click Check Answer
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