Everett Photography specializes in engagements and weddings, reunions, and family portraits. Everett is reviewing the following analysis of events provided by his accountant, but he cannot understand this analysis. Describe the events for Everett. Example - A. Everett bought $2,000 of photo supplies on account. Photo supplies debit, $2,000 Accounts payable credit, $2,000 Cash debit, $500. Unearned revenue credit, $500 Equipment debit, $5,000 Note payable, $5,000 Cash debit, $850 Revenue credit, $850 Accounts payable debit, $400 Cash credit, $400 Unearned revenue debit, $500 Revenue credit, $500 Accounts receivable debit, $2,500 Revenue credit, $2,500 Notes payable debit, $200 Cash credit, $200 Expense debit, $1,500 Photo supplies credit, $1,500
Everett Photography specializes in engagements and weddings, reunions, and family portraits. Everett is reviewing the following analysis of events provided by his accountant, but he cannot understand this analysis. Describe the events for Everett. Example - A. Everett bought $2,000 of photo supplies on account. Photo supplies debit, $2,000 Accounts payable credit, $2,000 Cash debit, $500. Unearned revenue credit, $500 Equipment debit, $5,000 Note payable, $5,000 Cash debit, $850 Revenue credit, $850 Accounts payable debit, $400 Cash credit, $400 Unearned revenue debit, $500 Revenue credit, $500 Accounts receivable debit, $2,500 Revenue credit, $2,500 Notes payable debit, $200 Cash credit, $200 Expense debit, $1,500 Photo supplies credit, $1,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Everett Photography specializes in engagements and weddings, reunions, and family portraits. Everett is reviewing the following analysis of events provided by his accountant, but he cannot understand this analysis. Describe the events for Everett. Example - A. Everett bought $2,000 of photo supplies on account.
- Photo supplies debit, $2,000
Accounts payable credit, $2,000
- Cash debit, $500.
Unearned revenue credit, $500
- Equipment debit, $5,000
Note payable, $5,000
- Cash debit, $850
Revenue credit, $850
- Accounts payable debit, $400
Cash credit, $400
- Unearned revenue debit, $500
Revenue credit, $500
Accounts receivable debit, $2,500
Revenue credit, $2,500
- Notes payable debit, $200
Cash credit, $200
- Expense debit, $1,500
Photo supplies credit, $1,500
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