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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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WHEN IT COMES TO THE BREAKING DOWN PART AM I GROUPING EVERYTHING TOGETHER BASE OFF THE CHART THAT IS COMPLETED?

Pen he iadiger cacaa. Postentries
the
Jounal antries prnted lthe pr part
ana Racalvabla
ald Inaarana
Equleme
Acaouna
Ownar Cl
na Drawinge
wlca Ravanua
and Rapaln Epana
and Waga panaa
> >>
>>>
Transcribed Image Text:Pen he iadiger cacaa. Postentries the Jounal antries prnted lthe pr part ana Racalvabla ald Inaarana Equleme Acaouna Ownar Cl na Drawinge wlca Ravanua and Rapaln Epana and Waga panaa > >> >>>
manually. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
/1
Cash
12700
Owner's Capltal
12700
(To record cash invested in the business)
Equlpment
8480
Cash
2120
Accounts Payable
6360
(To record purchase of truck.)
13
Supplles
950
Accounts Payable
950
15
Prepald Insurance
1920
Cash
1920
/12
Accounts Recelvable
3920
Service Revenue
3920
/18
Accounts Payable
1590
Cash
1590
120
Salarles and Wages Expense
2120
Cash
2120
121
Cash
1700
Accounts Recelvable
1700
125
Accounts Recelvable
2650
Service Revenue
2650
131
Malntenance and Repalrs Expense
310
Cash
310
(To record maintenance of the truck)
131
Owner's Drawings
640
Cash
640
To rooo
thdroun)
Transcribed Image Text:manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit /1 Cash 12700 Owner's Capltal 12700 (To record cash invested in the business) Equlpment 8480 Cash 2120 Accounts Payable 6360 (To record purchase of truck.) 13 Supplles 950 Accounts Payable 950 15 Prepald Insurance 1920 Cash 1920 /12 Accounts Recelvable 3920 Service Revenue 3920 /18 Accounts Payable 1590 Cash 1590 120 Salarles and Wages Expense 2120 Cash 2120 121 Cash 1700 Accounts Recelvable 1700 125 Accounts Recelvable 2650 Service Revenue 2650 131 Malntenance and Repalrs Expense 310 Cash 310 (To record maintenance of the truck) 131 Owner's Drawings 640 Cash 640 To rooo thdroun)
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