(Using debits and credits) Identify the account(s) that would be debited and/or credited as a result of...
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(Using debits and credits)
Identify the account(s) that would be debited and/or credited as a result of the following transactions:
1. The owner invested $\$ 10,000$ in the business.
2. Supplies were purchased for cash, $\$ 800$.
3. Service revenue of $\$ 1,000$ was received in cash.
4. Customers were billed for services rendered, $\$ 500$.
5. Employees were paid their salaries totaling $\$ 800$.
6. Collections of accounts receivable totaled $\$ 300$.
7. Rent for the month was paid, $\$ 350$.
8. Salaries owed employees at the end of the month totaled $\$ 100$.
9. Supplies costing $\$ 300$ were used.
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Related Book For
Introduction To Government And Not For Profit Accounting
ISBN: 9780130464149
5th Edition
Authors: Martin Ives, Joseph R. Razek, Gordon A. Hosch
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