Record each of the following Pebbles Co. events in T-accounts. 1. Borrowed $50,000 cash. 2. Repaid $30,000 principal. 3. Paid $1,000 interest. 4. Paid $50 for gas. 5. Performed services for $5,000 cash. 6. Paid a $250 dividend. 7. Closed temporary accounts to Retained Earnings Which one of the following is true regarding the first two events? Notes Payable is debited for $50,000 and credited for $30,000. Cash is credited for $50,000 and debited for $30,000. None of these is true. Notes Payable is credited for $50,000 and debited for $30,000.

Record each of the following Pebbles Co. events in T-accounts. 1. Borrowed $50,000 cash. 2. Repaid $30,000 principal. 3. Paid $1,000 interest. 4. Paid $50 for gas. 5. Performed services for $5,000 cash. 6. Paid a $250 dividend. 7. Closed temporary accounts to Retained Earnings Which one of the following is true regarding the first two events? Notes Payable is debited for $50,000 and credited for $30,000. Cash is credited for $50,000 and debited for $30,000. None of these is true. Notes Payable is credited for $50,000 and debited for $30,000.

Name: Record each of the following Pebbles Co. events in T-accounts.1. Borr
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Description: Record each of the following Pebbles Co. events in T-accounts.1. Borrowed $50,000 cash.2. Repaid $30,000 principal.3. Paid $1,000 interest.4. Paid $50 for gas.5. Performed services for $5,000 cash.6. Paid a $250 dividend.7. Closed temporary accounts

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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