Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 Lia Berge begins business as a real estate agent with a cash investment of $25,200. 2 Paid rent, $590, on office space. 3 Purchases

1 Lia Berge begins business as a real estate agent with a cash investment of $25,200.

2 Paid rent, $590, on office space.

3 Purchases office equipment for $2,350, on account.

6 Sells a house and lot for Hal Smith; bills Hal Smith $3,700 for realty services performed.

27 Pays $920 on the balance related to the transaction of October 3.

30 Receives bill for October utilities, $109 (not paid at this time).

what is the Account Titles and Explanation each one,

Account Titles and Explanation

Debit?

Credit?

Oct. 1 the amount on debit or credit?

Oct. 2 same

Oct. 3 same

Oct. 6same

Oct. 27same

Oct. 30same

Accounts Payable

Accounts Receivable

Cash

Equipment

L. Berge, Capital

L. Berge, Drawings

No Entry

Prepaid Rent

Rent Expense

Salaries Expense

Service Revenue

Supplies

Unearned Revenue

Utilities Expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Advanced Accounting

Authors: Joe Ben Hoyle

8th Edition

1260575926, 978-1260575927

More Books

Students also viewed these Accounting questions

Question

Solve each equation. V3x + 1 - 4 = 0

Answered: 1 week ago