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Some of the ledger accounts for a company are listed below. For each of the October transactions numbered 1 through 10 below. indicate by account name which accounts should be debited and which should be credited when preparing journal entries. The company uses the perpetual inventory system. Accounts payable Accounts receivable Supplies expense Retained earnings Deferred sales revenue Cost of goods sold Dividends Equipment Cash Prepaid rent Notes payable Rent expense Salaries expense Transactions Inventory Supplies Sales revenue Common stock Salaries payable Interest expense Example: Purchased inventory for cash 1. Paid a cash dividend. 2. Paid rent for the next three months. 3-a. Sold goods to customers on account. (To record sale of goods to customers.) 3-b. Sold goods to customers on account. (To record cost of goods sold to customers.) 4. Purchased inventory on account. 5. Purchased supplies for cash. 6. Issued common stock in exchange for cash. 7. Collected cash from customers for goods sold in transaction 3. 8. Borrowed cash from a bank and signed a note. 9. Paid salaries for the month of October. 10. Received cash for advance payment from customer. Account Debited Inventory Cash Account Credite

Some of the ledger accounts for a company are listed below. For each of the October transactions numbered 1 through 10 below. indicate by account name which accounts should be debited and which should be credited when preparing journal entries. The company uses the perpetual inventory system. Accounts payable Accounts receivable Supplies expense Retained earnings Deferred sales revenue Cost of goods sold Dividends Equipment Cash Prepaid rent Notes payable Rent expense Salaries expense Transactions Inventory Supplies Sales revenue Common stock Salaries payable Interest expense Example: Purchased inventory for cash 1. Paid a cash dividend. 2. Paid rent for the next three months. 3-a. Sold goods to customers on account. (To record sale of goods to customers.) 3-b. Sold goods to customers on account. (To record cost of goods sold to customers.) 4. Purchased inventory on account. 5. Purchased supplies for cash. 6. Issued common stock in exchange for cash. 7. Collected cash from customers for goods sold in transaction 3. 8. Borrowed cash from a bank and signed a note. 9. Paid salaries for the month of October. 10. Received cash for advance payment from customer. Account Debited Inventory Cash Account Credite

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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pls prepare the journal entries!!❤️❤️??
Some of the ledger accounts for a company are listed below. For each of the October transactions numbered 1 through 10 below, indicate by account name which accounts should be debited and which should be credited when preparing journal entries. The company uses the perpetual inventory system. Accounts payable Accounts receivable Supplies expense Retained earnings Deferred sales revenue Cost of goods sold Dividends Example: Purchased inventory for cash 1. Paid a cash dividend. Equipment Cash Prepaid rent Notes payable Rent expense Salaries expense X JAN 18 Transactions 2. Paid rent for the next three months. 3-a. Sold goods to customers on account. (To record sale of goods to customers.) 3-b. Sold goods to customers on account. (To record cost of goods sold to customers.) 4. Purchased inventory on account. 5. Purchased supplies for cash. 6. Issued common stock in exchange for cash. 7. Collected cash from customers for goods sold in transaction 3. 8. Borrowed cash from a bank and signed a note. 9. Paid salaries for the month of October. 10. Received cash for advance payment from customer. Inventory Supplies Sales revenue Common stock Salaries payable Interest expense A < Prev 2 of 2 ‒‒‒ ‒‒‒ ‒‒‒ zoom Account Debited Inventory Next > Cash Account Credited
Transcribed Image Text:Some of the ledger accounts for a company are listed below. For each of the October transactions numbered 1 through 10 below, indicate by account name which accounts should be debited and which should be credited when preparing journal entries. The company uses the perpetual inventory system. Accounts payable Accounts receivable Supplies expense Retained earnings Deferred sales revenue Cost of goods sold Dividends Example: Purchased inventory for cash 1. Paid a cash dividend. Equipment Cash Prepaid rent Notes payable Rent expense Salaries expense X JAN 18 Transactions 2. Paid rent for the next three months. 3-a. Sold goods to customers on account. (To record sale of goods to customers.) 3-b. Sold goods to customers on account. (To record cost of goods sold to customers.) 4. Purchased inventory on account. 5. Purchased supplies for cash. 6. Issued common stock in exchange for cash. 7. Collected cash from customers for goods sold in transaction 3. 8. Borrowed cash from a bank and signed a note. 9. Paid salaries for the month of October. 10. Received cash for advance payment from customer. Inventory Supplies Sales revenue Common stock Salaries payable Interest expense A < Prev 2 of 2 ‒‒‒ ‒‒‒ ‒‒‒ zoom Account Debited Inventory Next > Cash Account Credited
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