Recurring Transactions and Adjustments Following are the accounts of Dominique Inc., an interior decorator. The company has
Question:
Recurring Transactions and Adjustments Following are the accounts of Dominique Inc., an interior decorator. The company has been in the decorating business for ten years and prepares quarterly fi nancial statements.
Following the list of accounts is a series of transactions entered into by Dominique. For each transaction, enter the number(s) of the account(s) affected.
Accounts 1. Cash 11. Capital Stock, $1 par 2. Accounts Receivable 12. Paid-In Capital in Excess of Par 3. Prepaid Rent 13. Consulting Revenue 4. Offi ce Supplies 14. Offi ce Supply Expense 5. Offi ce Equipment 15. Rent Expense 6. Accumulated Depreciation 16. Salaries and Wages Expense 7. Accounts Payable 17. Depreciation Expense 8. Salaries and Wages Payable 18. Interest Expense 9. Income Tax Payable 19. Income Tax Expense 10. Interim Financing Notes Payable Transaction
a. Example: Issued additional shares of stock to owners; shares issued at greater than par. 1,11,12
b. Purchased offi ce equipment for cash. __________
c. Collected open accounts receivable from customer. __________
d. Purchased offi ce supplies on account. __________
e. Paid offi ce rent for the next six months. __________
f. Paid interest on an interim fi nancing note. __________ g. Paid salaries and wages. __________.
Transaction h. Purchased offi ce equipment; made a down payment in cash and signed an interim fi nancing note. __________ i. Provided services on account. __________ j. Recorded depreciation on equipment. __________ k. Recorded income taxes due next month. __________ l. Recorded the used offi ce supplies. __________ m. Recorded the used portion of prepaid rent. __________.
AppendixLO1
Step by Step Answer:
Using Financial Accounting Information The Alternative To Debits And Credits
ISBN: 9780538452748
7th Edition
Authors: Curtis L. Norton, Gary A. Porter