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Accounting 101 question! I don't know how to solve this problem and how many answers I need to put in. Please help. Thank you very
Accounting 101 question! I don't know how to solve this problem and how many answers I need to put in. Please help. Thank you very much
4. Below is an alphabetical listing of General Ledger accounts with identifying numbers. Indicate the accounts debited and credited in each of the following transactions by placing the proper account identifying number(s) in the columns to the left of each transaction. 1. Accounts Payable 7. Income Summary 13. Salaries Expense 2. Accounts Receivable 8. Insurance Expense 14. Salaries Payable 3. Acc. Dep'n.-Equipment 9. Office Supplies 15. Suntanning Revenue 4. Cash 10. Office Supplies Expense 16. Scott Smith, Capital 5. Dep'n. Expense-Equipment 11. Prepaid Insurance 17. Scott Smith, Withdrawals 6. Equipment 12. Rent Expense Debit Credit 1. Invested cash and equipment in a suntanning business. 2. Rented a store and paid rent for one month. 3. Paid the premium on a two-year insurance policy. 4. Purchased office supplies on credit and recorded an asset. 5. Performed services to clients for cash. 6. Paid the Walla Walla University tuition for Scott Smith's daughter. 7. Performed services to clients and billed them. 8. Paid salaries for the two weeks ending October 20. 9. Made an adjusting entry to record expired insurance. 10. Made an adjusting entry to record accrued salaries. 11. Made an adjusting entry to record depreciation on equipment. 12. Closed the Income Summary account reflecting a net loss for the period. 13. Closed the owner's withdrawals accountStep by Step Solution
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