P7. The following accounts are applicable to Raymond's Chimney Sweeps: 1. Cash 2. Accounts Receivable 3. Supplies 4. Prepaid Insurance 7. Accounts Payable 8. R. Foth, Capital 9. R. Foth, Withdrawals 10. Service Revenue 5. Equipment 6. Notes Payable 11. Rent Expense 12. Repair Expense Raymond's Chimney Sweeps completed the following transactions: a. Paid for supplies purchased on credit last month. b. Billed customers for services performed. c. Paid the current month's rent. d. Purchased supplies on credit. e. Received cash from customers for services performed but not yet billed. f. Purchased equipment on account. g. Received a bill for repairs. h. Returned part of the equipment purchased in f for a credit. i. Received payments from customers previously billed. j. Paid the bill received in g. k. Received an order for services to be performed. 1. Paid for repairs with cash. m. Made a payment to reduce the principal of the note payable. n. Made a cash withdrawal. Debit 7 Credit 1 REQUIRED Analyze each transaction and show the accounts affected by entering the corresponding numbers in the appropriate debit or credit column as shown in transaction a. Indicate no entry, if appropriate.

P7. The following accounts are applicable to Raymond's Chimney Sweeps: 1. Cash 2. Accounts Receivable 3. Supplies 4. Prepaid Insurance 7. Accounts Payable 8. R. Foth, Capital 9. R. Foth, Withdrawals 10. Service Revenue 5. Equipment 6. Notes Payable 11. Rent Expense 12. Repair Expense Raymond's Chimney Sweeps completed the following transactions: a. Paid for supplies purchased on credit last month. b. Billed customers for services performed. c. Paid the current month's rent. d. Purchased supplies on credit. e. Received cash from customers for services performed but not yet billed. f. Purchased equipment on account. g. Received a bill for repairs. h. Returned part of the equipment purchased in f for a credit. i. Received payments from customers previously billed. j. Paid the bill received in g. k. Received an order for services to be performed. 1. Paid for repairs with cash. m. Made a payment to reduce the principal of the note payable. n. Made a cash withdrawal. Debit 7 Credit 1 REQUIRED Analyze each transaction and show the accounts affected by entering the corresponding numbers in the appropriate debit or credit column as shown in transaction a. Indicate no entry, if appropriate.

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Description: Please dont use any AI.It is strictly prohibited. P7. The following accounts are applicable to Raymond's Chimney Sweeps:1. Cash7. Accounts Payable2. Accounts Receivable8. R. Foth, Capital3. Supplies9. R. Foth, Withdrawals10. Service Revenue4. Prepaid

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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