Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if

image text in transcribed
image text in transcribed
image text in transcribed
1 Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Refer to the Chart of Accounts for account titles. Made payment on notes payable Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Received cash for services rendered to a client Account N1 Account Type Increase/Decrease Debit/Credit Account w2 Account Type Increase/Decrease Debit/Credit Earned $90,000 by establishing a note receivable with a face value of $120,000. This note has no stated interest. Enter the asset accounts first. Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Account #3 Account Type Increase/Decrease Debit/Credit 2 Record the following transactions as journal entries. Refer to the Chart of Accounts for account titles. Received $6,000 from selling shares of stock Date Accounts and Explanation Debit Credit Nov. 3 Purchased equipment in January for $172,100 with no salvage value and an eight year life. Record straight line depreciation at year-end. Round to the nearest whole dollar. Date Accounts and explanation Debit Credit Nov. 4 Note matured in the amount of $64,700. The amount of interest accrued was $30,000. Date Accounts and Explanation Debit Credit Nov.5

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

English For Accounting And Auditing Students Book

Authors: Dejan Arsenovski

1st Edition

869212253X, 978-8692122538

More Books

Students also viewed these Accounting questions

Question

b. Explain how you initially felt about the communication.

Answered: 1 week ago

Question

3. Identify the methods used within each of the three approaches.

Answered: 1 week ago

Question

a. When did your ancestors come to the United States?

Answered: 1 week ago