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Accounting
Paid $15,000 cash for new equipment Borrowed $5,000 for a car Paid salaries of $3,000 in cash Received $400 in fees for service

Paid $15,000 cash for new equipment Borrowed $5,000 for a car Paid salaries of $3,000 in cash Received $400 in fees for service

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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Debit Credit Paid $15,000 cash for new equipment Borrowed $5,000 for a car Paid salaries of $3,000 in cash Received $400 in fees for service Spent $1,000 in cash for advertising Borrowed $20,000 for materials to make product Owner invested $5,000 in business Received $500 in royalties Borrowed $7,000 to purchase land Paid in cash $100 for utilities
Transcribed Image Text:Debit Credit Paid $15,000 cash for new equipment Borrowed $5,000 for a car Paid salaries of $3,000 in cash Received $400 in fees for service Spent $1,000 in cash for advertising Borrowed $20,000 for materials to make product Owner invested $5,000 in business Received $500 in royalties Borrowed $7,000 to purchase land Paid in cash $100 for utilities
2-7 2.7 Thinking Back For every transaction that occurs there are two entries made in the general journal-a debit entry and a credit entry. First, determine which accounts are being affected by the transaction. Then, determine which account is debited and which is credited. Write only the letter which represents the correct account in each blank. D. A liability account Е. А саpital account An income account A. An asset account В. A cost of goods sold account C. An expense account F.
Transcribed Image Text:2-7 2.7 Thinking Back For every transaction that occurs there are two entries made in the general journal-a debit entry and a credit entry. First, determine which accounts are being affected by the transaction. Then, determine which account is debited and which is credited. Write only the letter which represents the correct account in each blank. D. A liability account Е. А саpital account An income account A. An asset account В. A cost of goods sold account C. An expense account F.
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