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Analyze each transaction and show the accounts affected by entering the corresponding numbers in the appropriate debit or credit column as shown in the transaction
Analyze each transaction and show the accounts affected by entering the corresponding numbers in the appropriate debit or credit column as shown in the transaction (a). Indicate "no entry", if appropriate.
1. Cash
2. Accounts Receivable
3. Supplies
4. Prepaid Insurance
5. Equipment
6. Notes Payable
7. Accounts Payable
8. Common Stock
9. Retained Earnings
10. Dividends
11. Service Revenue
12. Rent Expense
13. Repair Expense
Transactions | Debit | Credit |
a) Paid for supplies purchased on credit last month | 7 | 1 |
b) Billed customers for services performed | ||
c) Paid the current month's rent | ||
d) Purchased supplies on credit | ||
e) Received cash from customers for services performed | ||
f) Purchased equipment on account | ||
g) Received a bill for repairs | ||
h) Returned part of equipment purchased in (f) for credit | ||
i) Received payments from customers previously billed | ||
j) Paid the bill received in (g) | ||
k) Received and ordered for services to be performed | ||
l) Paid for repairs with cash | ||
m) Made a payment to reduce the principal of the note payable | ||
n) Declared and paid a dividend |
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