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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.

FINANCIAL ACCOUNTING
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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P7. The following accounts are applicable to Raymond's Chimney Sweeps: 1. Cash 7. Accounts Payable 2. Accounts Receivable 8. R. Foth, Capital 3. Supplies 9. R. Foth, Withdrawals 10. Service Revenue 4. Prepaid Insurance 5. Equipment 11. Rent Expense 6. Notes Payable 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.
Transcribed Image Text:P7. The following accounts are applicable to Raymond's Chimney Sweeps: 1. Cash 7. Accounts Payable 2. Accounts Receivable 8. R. Foth, Capital 3. Supplies 9. R. Foth, Withdrawals 10. Service Revenue 4. Prepaid Insurance 5. Equipment 11. Rent Expense 6. Notes Payable 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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