Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Analyzing effects of transactions on accounts Cash in Bank Accts. Rec. -Donna Deluca Beauty Supplies Shop Equipment Utilities Accts. Pay-A Touch of Class Accts. Pay-Town

image text in transcribed
image text in transcribed
image text in transcribed
Analyzing effects of transactions on accounts Cash in Bank Accts. Rec. -Donna Deluca Beauty Supplies Shop Equipment Utilities Accts. Pay-A Touch of Class Accts. Pay-Town News Sally Silva, Capital Sally Silva, Withdrawals Fees Advertising Expense Rent Expense Expense Use the form below to analyze each of the following transactions. For each debit and credit, write the account name, its classification (A, L, OC, OW, R, or E), and whether the account is increased (+) or decreased (-). 0. Sally Silva purchased $100 in beauty supplies for cash, Check 201. 1. Received $50 for services rendered, Receipt 15. 2. Bought a $75 ad on account from Town News, Invoice 601. 3. Sold $20 in beauty supplies on account to Donna Deluca, Invoice 10. 4. Wrote Check 202 for $500 to pay the monthly rent. 5. Sally Silva transferred shop equipment valued at $350 into the business, Memorandum 20. 6. Received a check for $20 from Donna Deluca in payment of her account, Receipt 16. 7. Issued Check 203 for $75 to Town News to apply on account. 8. Purchased $150 in beauty supplies on account from A Touch of Class, Invoice 405. 9. Sally Silva withdrew $125 cash for personal use, Check 204. 10. Issued Check 205 to pay the $85 electric bill. Account Name Debited Classificati + or Classificati + or Account Name Credited on No. on 10 Beauty Supplies A Cash in Bank 4 1 N 3 4 5 6 7 8 9 10

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

Students also viewed these Accounting questions