CP 1-2

Required: Study the following transactions and identify, by number (1 to 9), the type of transaction. Some transactions may not require an accounting entry.

Example: 1 Issued common stock for cash

Paid an account payable Borrowed money from a bank Collected an account receivable Collected a commission on a sale made today Paid for this months advertising in a newspaper Repaid money borrowed from a bank Signed a contract to purchase a computer Received a bill for supplies used during the month Received a payment of cash in satisfaction of an amount owed by a customer Sent a bill to a customer for repairs made today Sold equipment for cash Purchased a truck on credit, to be paid in six months Requested payment from a customer of an account receivable that is overdue Increased employee vacations from four to six weeks Recorded the amount due to the landlord as rent for the past month.

Received the monthly telephone answering service bill

Types of accounting transactions STOCKHOLDERS EQUITY ASSETS LIABILITIES (+) (+) 1. 2. 3. 4. 5. 6. 7. 8. 9. (+) (+) (+)(-) (-) (-) (-) (-) (+) (-) (+)(-) (-) (+) (+)(-)