Mary Carter uses the following accounts in her business. General Ledger Cash in Bank M. Carters Capital Advertising Expense Accounts receivable M. Carters Withdrawals Rent Expense Office Equipment Sales from Services Utilities Expense Accounts payable Identify the two accounts affected by each of the following transactions. Indicate whether each account is debited or credited. Date Transactions July 1 1 - Issued check 643 to pay the electric bill for the month. July 3 2 - Billed a customer for services provided on account. July 10 3 - Mary Carter took cash from the business for personal use. July 17 4 - Issued check 644 to pay for an advertisement.
Mary Carter uses the following accounts in her business. General Ledger Cash in Bank M. Carters Capital Advertising Expense Accounts receivable M. Carters Withdrawals Rent Expense Office Equipment Sales from Services Utilities Expense Accounts payable Identify the two accounts affected by each of the following transactions. Indicate whether each account is debited or credited. Date Transactions July 1 1 - Issued check 643 to pay the electric bill for the month. July 3 2 - Billed a customer for services provided on account. July 10 3 - Mary Carter took cash from the business for personal use. July 17 4 - Issued check 644 to pay for an advertisement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Mary Carter uses the following accounts in her business.
| General Ledger | ||
| Cash in Bank | M. Carters Capital | Advertising Expense |
| M. Carters Withdrawals | Rent Expense | |
| Office Equipment | Sales from Services | Utilities Expense |
| Accounts payable |
- Identify the two accounts affected by each of the following transactions.
- Indicate whether each account is debited or credited.
| Date | Transactions |
| July 1 | 1 - Issued check 643 to pay the electric bill for the month. |
| July 3 | 2 - Billed a customer for services provided on account. |
| July 10 | 3 - Mary Carter took cash from the business for personal use. |
| July 17 | 4 - Issued check 644 to pay for an advertisement. |
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