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Required: For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. If no journal entry is needed, write "none" next to the transaction

Required: For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. If no journal entry is needed, write "none" next to the transaction

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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The following is a series of accounts and their respective account numbers for A Corp. Following the accounts is a series of transactions. Account no. 1 2 3 4 5 6 7 S 9 10 TRANSACTION Account Title Cash Accounts Receivable Supplies Prepaid Expenses Equipment Land Accounts Payable Notes Payable Interest Payable Salaries Payable Account no, 11 12 13 14 15 16 17 18 Account Title Capital Service Revenues Salaries Expense Insurance Expense Interest Expense Income Tax Supplies Expense Rent Expense Required: For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. If no journal entry is needed, write "none" next to the transaction The first transaction is given as an example! a. example owner invested cash as capital in the business b. purchased on credit but did not use supplies this period c. paid for a fire insurance policy this period to cover the next 12 months d. purchased an equipment by making a 30% cash down payment and signing a bank loan for the balance e. made a payment on the loan, which was partly principal repayment and partly interest payment f. Recorded salaries for this period to be paid at the beginning of next period g. Recorded the adjusting entry for the portion of the insurance policy expired this period DR I CR 11
Transcribed Image Text:The following is a series of accounts and their respective account numbers for A Corp. Following the accounts is a series of transactions. Account no. 1 2 3 4 5 6 7 S 9 10 TRANSACTION Account Title Cash Accounts Receivable Supplies Prepaid Expenses Equipment Land Accounts Payable Notes Payable Interest Payable Salaries Payable Account no, 11 12 13 14 15 16 17 18 Account Title Capital Service Revenues Salaries Expense Insurance Expense Interest Expense Income Tax Supplies Expense Rent Expense Required: For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. If no journal entry is needed, write "none" next to the transaction The first transaction is given as an example! a. example owner invested cash as capital in the business b. purchased on credit but did not use supplies this period c. paid for a fire insurance policy this period to cover the next 12 months d. purchased an equipment by making a 30% cash down payment and signing a bank loan for the balance e. made a payment on the loan, which was partly principal repayment and partly interest payment f. Recorded salaries for this period to be paid at the beginning of next period g. Recorded the adjusting entry for the portion of the insurance policy expired this period DR I CR 11
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