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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

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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