PROBLEM 5-2 Identifying Accounts Affected by Transactions John Albers uses the following accounts in his business. General Ledger Cash in Bank John Albers, Capital Advertising Expense Accounts Receivable John Albers, Withdrawals Rent Expense Office Equipment Service Fees Utilities Expense Accounts Payable 124 Chapter 5: Transactions that affect Revenue, Expenses, and Withdrawals INSTRUCTIONS In your working papers: 1. Identify the two accounts affected by each of the following transactions. 2. Indicate whether each account is debited or credited. Date Transactions July 1 1. Issued Check 543 to pay the electric bill for the month. 3. 2. Billed a customer for services provided on account. 10 3. John Albers took cash from the business for his personal use. 17 4. Issued Check 544 to pay for an advertisement.

PROBLEM 5-2 Identifying Accounts Affected by Transactions John Albers uses the following accounts in his business. General Ledger Cash in Bank John Albers, Capital Advertising Expense Accounts Receivable John Albers, Withdrawals Rent Expense Office Equipment Service Fees Utilities Expense Accounts Payable 124 Chapter 5: Transactions that affect Revenue, Expenses, and Withdrawals INSTRUCTIONS In your working papers: 1. Identify the two accounts affected by each of the following transactions. 2. Indicate whether each account is debited or credited. Date Transactions July 1 1. Issued Check 543 to pay the electric bill for the month. 3. 2. Billed a customer for services provided on account. 10 3. John Albers took cash from the business for his personal use. 17 4. Issued Check 544 to pay for an advertisement.

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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