IM-MODULE-3-Account X +->file:///C:/Users/user/Documents/QUIJANO,%20JAN%20CLEO%20C/ACCOUNTING/IM-MODULE-3-Accounting-Fundamentals-P1-M.Chan%20(1).pdf...IMIƆ - EXercises IDebits and CreditsInnovative Designs, owned by Bartolome Pozon, has been operating for two years.Below is a series of transactions. For each transaction, indicate the accounts that shouldbe debited and credited. If no journal entry is required, write "n/a" in the columns. Usethe following account titles: Cash; Accounts Receivable; Supplies; Prepaid Expenses;Equipment; Patents; Accounts Payable; Notes Payable; Salaries Payable; Pozon, Capital;Pozon, Withdrawals; Service Revenues and Operating Expenses.TransactionsDebitCreditPurchased equipment for use in the business; paid one-third cash and gave a note payable for the balance.b. Paid cash for salaries.C. Collected cash for services performed this period.Collected cash for services performed last period.Performed services this period on credit.f. Paid operating expenses incurred this period.Paid cash for operating expenses incurred last period.a.d.e.B-h. Incurred operating expenses this period to be paid nextperiod.1. Purchased supplies for inventory to be used later; paidcash.j. Used some of the supplies from inventory foroperations.k. Purchased a patent (an intangible): paid cash.. Made a payment on the equipment note in (a); thepayment was part principal and part interest expense.m. Collected cash on accounts receivable for servicespreviously performed.Paid cash on accounts payable for expenses previouslyincurred.o. On the last day of current period, paid cash for aninsurance policy covering the next twelve months.n.9:30 AMw03/12/2021

The balance sheet includes the assets, liabilities, and stockholders' equity. Whereas, the income…

Innovative Designs, owned by Bartolome Pozon, has been operating for two years. Below is a series of transactions. For each transaction, indicate the accounts that should be debited and credited. If no journal entry is required, write "n/a" in the columns. Use the following account titles: Cash; Accounts Receivable; Supplies; Prepaid Expenses; Equipment; Patents; Accounts Payable; Notes Payable; Salaries Payable; Pozon, Capital; Pozon, Withdrawals; Service Revenues and Operating Expenses.

Innovative Designs, owned by Bartolome Pozon, has been operating for two years. Below is a series of transactions. For each transaction, indicate the accounts that should be debited and credited. If no journal entry is required, write "n/a" in the columns. Use the following account titles: Cash; Accounts Receivable; Supplies; Prepaid Expenses; Equipment; Patents; Accounts Payable; Notes Payable; Salaries Payable; Pozon, Capital; Pozon, Withdrawals; Service Revenues and Operating Expenses.

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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