Analyzing and Recording Accounting Transactions

For your main Discussion post, list at least one of each transaction related to all of the following business events:

Purchase of goods or services for cash

Providing services for cash

Providing services on account

Purchase of goods or services on account

Payment of a previously recorded expense

Receipt of a previously recorded revenue earned

For example, given the above scenario:

The Supplies account, which is an asset account, would be increased (a debit) for $1,000 and the Cash account, also an asset account, would be decreased (a credit) for the same amount.

Lastly, assume one of the six transactions listed above was not entered in the accounting records in error. How would the trial balance be affected, specifically? For example, given the above scenario:

If the transaction were not journalized and posted to the ledger, the Supplies account would be understated and the Cash account would be overstated. Because both accounts are asset accounts, the trial balance debit column in total would not be affected.

For your replies, consider the following questions: Do you agree with the account classifications, debits/credits, and increases/decreases presented by others in class? Why or why not? What new insight have you gained about analyzing, journalizing, and posting transactions? How has the discussion impacted your understanding of the first steps in the accounting cycle? Support your responses with further research and/or additional examples.

Be sure to post at least 2 references in support of your explanations and conclusions.