! Required information [The following information applies to the questions displayed below.] Here are selected transactions of the Castillo Shipping Service. DATE March 1, 20x1 March 2, 20X1 March 3, 20X1 March 4, 20X1 March 5, 20x1 March 6, 20X1 March 7, 20x1 March 8, 20X1 March 9, 20X1 March 10, 20X1 TRANSACTIONS The owner made an additional investment of $50,000 in cash. Purchased supplies for $4,650 on credit. Issued a check for $4,500 to pay the monthly rent. Provided services for $7,560 on credit. Performed services for $18,650 in cash. Issued a check for $2,850 to pay a creditor on account. Purchased new equipment for $9,800 and paid for it immediately by check. Collected $5,260 from credit customers. Date March 1, 20X1 March 2, 20X1 March 3, 20X1 March 4, 20X1 March 5, 20X1 March 6, 20X1 March 7, 20X1 March 8, 20X1 March 9, 20X1 March 10, 20X1 Sent a check for $1,375 to the utility company to pay the monthly bill. Gave a cash refund of $925 to a customer because of a lost package (the customer previously paid in cash). Analyze the transactions and indicate by number what accounts should be debited and credited for each transaction. Transaction 1. The owner made an additional investment of $50,000 in cash. 2. Purchased supplies for $4,650 on credit. 3. Issued a check for $4,500 to pay the monthly rent. 4. Provided services for $7,560 on credit. 5. Performed services for $18,650 in cash. 6. Issued a check for $2,850 to pay a creditor on account. 7. Purchased new equipment for $9,800 and paid for it immediately by check. 8. Collected $5,260 from credit customers. 9. Sent a check for $1,375 to the utility company to pay the monthly bill. 10. Gave a cash refund of $925 to a customer because of a lost package (the customer previously paid in cash). Debit Credit
! Required information [The following information applies to the questions displayed below.] Here are selected transactions of the Castillo Shipping Service. DATE March 1, 20x1 March 2, 20X1 March 3, 20X1 March 4, 20X1 March 5, 20x1 March 6, 20X1 March 7, 20x1 March 8, 20X1 March 9, 20X1 March 10, 20X1 TRANSACTIONS The owner made an additional investment of $50,000 in cash. Purchased supplies for $4,650 on credit. Issued a check for $4,500 to pay the monthly rent. Provided services for $7,560 on credit. Performed services for $18,650 in cash. Issued a check for $2,850 to pay a creditor on account. Purchased new equipment for $9,800 and paid for it immediately by check. Collected $5,260 from credit customers. Date March 1, 20X1 March 2, 20X1 March 3, 20X1 March 4, 20X1 March 5, 20X1 March 6, 20X1 March 7, 20X1 March 8, 20X1 March 9, 20X1 March 10, 20X1 Sent a check for $1,375 to the utility company to pay the monthly bill. Gave a cash refund of $925 to a customer because of a lost package (the customer previously paid in cash). Analyze the transactions and indicate by number what accounts should be debited and credited for each transaction. Transaction 1. The owner made an additional investment of $50,000 in cash. 2. Purchased supplies for $4,650 on credit. 3. Issued a check for $4,500 to pay the monthly rent. 4. Provided services for $7,560 on credit. 5. Performed services for $18,650 in cash. 6. Issued a check for $2,850 to pay a creditor on account. 7. Purchased new equipment for $9,800 and paid for it immediately by check. 8. Collected $5,260 from credit customers. 9. Sent a check for $1,375 to the utility company to pay the monthly bill. 10. Gave a cash refund of $925 to a customer because of a lost package (the customer previously paid in cash). Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Ashvin
![!
Required information
[The following information applies to the questions displayed below.]
Here are selected transactions of the Castillo Shipping Service.
TRANSACTIONS
The owner made an additional investment of $50,000 in cash.
Purchased supplies for $4,650 on credit.
Issued a check for $4,500 to pay the monthly rent.
Provided services for $7,560 on credit.
Performed services for $18,650 in cash.
DATE
March 1, 20X1
March 2, 20X1
March 3, 20X1
March 4, 20X1
March 5, 20X1
March 6, 20X1
March 7, 20x1
March 8, 20x1
March 9, 20X1
March 10, 20X1
Date
March 1, 20X1
March 2, 20X1
March 3, 20X1
March 4, 20X1
Issued a check for $2,850 to pay a creditor on account.
Purchased new equipment for $9,800 and paid for it immediately by check.
Collected $5,260 from credit customers.
Analyze the transactions and indicate by number what accounts should be debited and credited for each transaction.
March 5, 20X1
March 6, 20X1
March 7, 20X1
March 8, 20X1
March 9, 20X1
March 10, 20X1
Sent a check for $1,375 to the utility company to pay the monthly bill.
Gave a cash refund of $925 to a customer because of a lost package (the customer previously
paid in cash).
Transaction
1. The owner made an additional investment of $50,000 in cash.
2. Purchased supplies for $4,650 on credit.
3. Issued a check for $4,500 to pay the monthly rent.
4. Provided services for $7,560 on credit.
5. Performed services for $18,650 in cash.
6. Issued a check for $2,850 to pay a creditor on account.
7. Purchased new equipment for $9,800 and paid for it immediately by check.
8. Collected $5,260 from credit customers.
9. Sent a check for $1,375 to the utility company to pay the monthly bill.
10. Gave a cash refund of $925 to a customer because of a lost package (the
customer previously paid in cash).
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf1ef2c8-fbe2-49ff-9ab2-e24f07c3cc20%2F895219f9-415f-47c8-b627-9af97dcc5594%2Fy6jgco_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Here are selected transactions of the Castillo Shipping Service.
TRANSACTIONS
The owner made an additional investment of $50,000 in cash.
Purchased supplies for $4,650 on credit.
Issued a check for $4,500 to pay the monthly rent.
Provided services for $7,560 on credit.
Performed services for $18,650 in cash.
DATE
March 1, 20X1
March 2, 20X1
March 3, 20X1
March 4, 20X1
March 5, 20X1
March 6, 20X1
March 7, 20x1
March 8, 20x1
March 9, 20X1
March 10, 20X1
Date
March 1, 20X1
March 2, 20X1
March 3, 20X1
March 4, 20X1
Issued a check for $2,850 to pay a creditor on account.
Purchased new equipment for $9,800 and paid for it immediately by check.
Collected $5,260 from credit customers.
Analyze the transactions and indicate by number what accounts should be debited and credited for each transaction.
March 5, 20X1
March 6, 20X1
March 7, 20X1
March 8, 20X1
March 9, 20X1
March 10, 20X1
Sent a check for $1,375 to the utility company to pay the monthly bill.
Gave a cash refund of $925 to a customer because of a lost package (the customer previously
paid in cash).
Transaction
1. The owner made an additional investment of $50,000 in cash.
2. Purchased supplies for $4,650 on credit.
3. Issued a check for $4,500 to pay the monthly rent.
4. Provided services for $7,560 on credit.
5. Performed services for $18,650 in cash.
6. Issued a check for $2,850 to pay a creditor on account.
7. Purchased new equipment for $9,800 and paid for it immediately by check.
8. Collected $5,260 from credit customers.
9. Sent a check for $1,375 to the utility company to pay the monthly bill.
10. Gave a cash refund of $925 to a customer because of a lost package (the
customer previously paid in cash).
Debit
Credit
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