R. Elden operates Elden's Tours. The company has the following chart of accounts: Assets Revenue Cash Income from Tours Accounts Receivable Supplies Prepaid Insurance Expenses Display Equipment Wages Expense Van Gas Expense Office Equipment Advertising Expense Utilities Expense Liabilities Accounts Payable Owner's Equity R. Elden, Capital R. Elden, Drawing Using the chart of accounts, record the following transactions in pairs of T accounts. Give the T account to be debited first and the account to be credited to the right. Show debit and credit and plus and minus signs. (Example: Received and paid the bill for the month's rent, $480.) Rent Expense Cash + - + - Debit Credit Debit Credit 480 480 Received and paid the electric bill, $170. Debit Credit Debit Credit Bought supplies on account, $120. Debit Credit Debit Credit Paid for insurance for one year, $540. Debit Credit Debit Credit Made a payment on account to a creditor, $48. Debit Credit Debit Credit Received and paid the telephone bill, $180. Debit Credit Debit Credit Sold services on account, $1,300. Debit Credit Debit Credit Received and paid the gasoline bill for the van, $140. Debit Credit Debit Credit Received cash on account from customers, $1,400. Debit Credit Debit Credit Elden withdrew cash for personal use, $650. Debit Credit Debit Credit
R. Elden operates Elden's Tours. The company has the following chart of accounts: Assets Revenue Cash Income from Tours Accounts Receivable Supplies Prepaid Insurance Expenses Display Equipment Wages Expense Van Gas Expense Office Equipment Advertising Expense Utilities Expense Liabilities Accounts Payable Owner's Equity R. Elden, Capital R. Elden, Drawing Using the chart of accounts, record the following transactions in pairs of T accounts. Give the T account to be debited first and the account to be credited to the right. Show debit and credit and plus and minus signs. (Example: Received and paid the bill for the month's rent, $480.) Rent Expense Cash + - + - Debit Credit Debit Credit 480 480 Received and paid the electric bill, $170. Debit Credit Debit Credit Bought supplies on account, $120. Debit Credit Debit Credit Paid for insurance for one year, $540. Debit Credit Debit Credit Made a payment on account to a creditor, $48. Debit Credit Debit Credit Received and paid the telephone bill, $180. Debit Credit Debit Credit Sold services on account, $1,300. Debit Credit Debit Credit Received and paid the gasoline bill for the van, $140. Debit Credit Debit Credit Received cash on account from customers, $1,400. Debit Credit Debit Credit Elden withdrew cash for personal use, $650. Debit Credit Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
R. Elden operates Elden's Tours. The company has the following chart of accounts:
| Assets | Revenue | |
| Cash | Income from Tours | |
| Supplies | ||
| Prepaid Insurance | Expenses | |
| Display Equipment | Wages Expense | |
| Van | Gas Expense | |
| Office Equipment | Advertising Expense | |
| Utilities Expense | ||
| Liabilities | ||
| Accounts Payable | ||
| Owner's Equity | ||
| R. Elden, Capital | ||
| R. Elden, Drawing |
Using the chart of accounts, record the following transactions in pairs of T accounts. Give the T account to be debited first and the account to be credited to the right. Show debit and credit and plus and minus signs. (Example: Received and paid the bill for the month's rent, $480.)
| Rent Expense | Cash | |||
| + | - | + | - | |
| Debit | Credit | Debit | Credit | |
| 480 | 480 |
- Received and paid the electric bill, $170.
Debit Credit Debit Credit - Bought supplies on account, $120.
Debit Credit Debit Credit - Paid for insurance for one year, $540.
Debit Credit Debit Credit - Made a payment on account to a creditor, $48.
Debit Credit Debit Credit - Received and paid the telephone bill, $180.
Debit Credit Debit Credit - Sold services on account, $1,300.
Debit Credit Debit Credit - Received and paid the gasoline bill for the van, $140.
Debit Credit Debit Credit - Received cash on account from customers, $1,400.
Debit Credit Debit Credit - Elden withdrew cash for personal use, $650.
Debit Credit Debit Credit
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