Answered step by step
Verified Expert Solution
Question
1 Approved Answer
college accoun Exercises Connect Analyzing transactions. Selected transactions and indicate by number what accounts should be debited and credited for each transaction. Exarcise 4.1 Objective
college accoun Exercises Connect Analyzing transactions. Selected transactions and indicate by number what accounts should be debited and credited for each transaction. Exarcise 4.1 Objective 4-1 accounts from the general ledger of the Ray Shipping Service follow. Analyze the following 101 Cash 111 Accounts Receivable 121 Supplies 131 Equipment 202 Accounts Payable 301 Richelle Ray, Capital 401 Fees Income 511 Rent Expense 514 Salaries Expense 517 Utilities Expense TRANSACTIONS 1. Gave a cash refund of $750 to a customer because of a lost package. (The customer had previ- ously paid in cash.) 2. Sent a check for $1.050 to the utility company to pay the monthly bill. 3. Provided services for $7.800 on credit. 4. Purchased new equipment for $4.600 and paid for it immediately by checek. 5. Issued a check for $3,500 to pay a creditor on account 6. Performed services for $15,250 in cash. 7. Collected $6,250 from credit customers. 8 The owner made an additional investment of $25,000 in cash. 9. Purchased supplies for $3,250 on credit. 10. Issued a check for $3,750 to pay the monthly rent
college accoun
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started