Question
1) For each account, state whether it is a debit account or a credit account. a) Cash b) Accounts Payable c) Common Stock d) Utilities
1) For each account, state whether it is a debit account or a credit account.
a) Cash
b) Accounts Payable
c) Common Stock
d) Utilities Expense
e) Land
2) Prepare a journal entry for the purchase of supplies for $3,400 in cash.
3) ABC Company has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned, Rent Expense, Advertising Expense, Utilities Expense, and Miscellaneous Expense. Using these accounts, prepare the journal entry for the following transactions.
a) Paid advertising expense, $300.
b) Purchased office equipment on account, $7,000.
c) Paid rent for the month, $1,000.
d) Paid cash for supplies, $1,400.
e) Received cash from customers on account, $3,000.
f) Paid cash for repairs to office equipment, $500.
g) Fees earned and billed to customers for the month, $59,000.
h) Paid dividends, $5,000
i) Paid creditor on account, $4,600.
j) Paid water bill for the month, $700.
4) The accounts in the ledger of XYZ company as of December 31, 2017 are listed in alphabetical order as follows: Accounts Payable 50,000 Notes Payable 55,000 Accounts Receivable 110,000 Prepaid Insurance 20,000 Cash 40,000 Rent Expense 45,000 Common Stock 18,000 Retained Earnings 74,800 Dividends 25,000 Supplies 5,000 Fees Earned 680,000 Supplies Expense 7,000 Insurance Expense 4,800 Unearned Rent 15,000 Land 60,000 Utilities Expense 31,000 Misc. Expense 5,000 Wages Expense 540,000 Instructions: Prepare an unadjusted trial balance.
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