(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  book-img-for-question

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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