Question
For each of the following transactions for the Brazos Co., indicate the account that is debited and which is credited on the transaction date .
For each of the following transactions for the Brazos Co., indicate the account that is debited and which is credited on the transaction date.
- Brazos provides a service to a customer on April 12, with the customer paying cash at that time.
- Brazos purchases an insurance policy on June 24. The policy covers July 1 through September 30.
- Brazos purchases equipment, receiving it on October 15. The company signs a note payable, with the first installment due on November 15.
- Brazos sells 600 units of inventory on November 3. The price per unit is $6, and the cost per unit is $3.50.
- On April 30, Brazos pays employees $700 for wages earned during the month of April.
|
A. | Inventory |
B. | Cost of goods sold |
C. | Equipment |
D. | Note payable |
E. | Cash. |
F. | Revenue |
G. | Prepaid insurance |
H. | Wage expense |
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