Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer these problems please thank you 14. The Insurance Company purchased some equipment for $4,000 in stock, $5,000 in land, and $3,000 on credit. Account

Answer these problems please
thank you
image text in transcribed
image text in transcribed
image text in transcribed
14. The Insurance Company purchased some equipment for $4,000 in stock, $5,000 in land, and $3,000 on credit. Account Effect on Account Debit Credit Equipment increase decrease Equity increase decrease Land increase decrease Accounts Payable increase decrease Account DB CR 15. The Insurance Company purchased $1,000 of liability insurance with cash for their vehicles. Account Effect on Account Debit/Credit Insurance Expense increase decrease Cash increase decrease Account DB CR Debit/Credit 16. The Insurance Company owes $3,459 in wages. Account Effect on Account Wages Expense increase decrease Wages Payable increase decrease Account DB CR 17. The Insurance Company was paid $12,000 in equipment for services provided. Account Effect on Account Debit/Credit Equipment increase decrease Service Revenue increase decrease Account DB CR 18. The Insurance Company was paid $12,000 in stock for services provided. Account Effect on Account Debit/Credit Stock increase decrease Service Revenue increase decrease Account DB CR Debit/Credit 19. The Insurance Company paid $2,000 in cash for rent Account Effect on Account Rent Expense increase decrease Cash increase decrease Account DB CR Debit/Credit 20. The Insurance Company paid $15,000 for equipment on credit Account Effect on Account Equipment increase decrease Accounts Payable increase decrease Account DB CR LLLLL

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

Question

A brief market research for the memphis grizzlies

Answered: 1 week ago

Question

5. Identify three characteristics of the dialectical approach.

Answered: 1 week ago

Question

6. Explain the strengths of a dialectical approach.

Answered: 1 week ago

Question

4. Explain the strengths and weaknesses of each approach.

Answered: 1 week ago