Question
For each of the transactions described, identify the accounts that are affected, as well as the type of account to which it corresponds: asset, liability,
For each of the transactions described, identify the accounts that are affected, as well as the type of account to which it corresponds: asset, liability, capital, income or expense.
The partners make a contribution and the corresponding amount is deposited in the business's checking account.
Accounts Affected / Account Type
A 12-month fire insurance policy is purchased and paid for by check.
Accounts Affected / Account Type
Merchandise was purchased on credit.
Accounts Affected / Account Type
Cash services are performed to various clients.
Accounts Affected / Account Type
Advertising of the month was hired and paid.
Accounts Affected / Account Type
The amount owed on a loan was paid to the bank.
Accounts Affected / Account Type
A check was received from a customer as payment for his debt for a credit sale.
Accounts Affected / Account Type
Merchandise purchased on credit was paid to the supplier.
Accounts Affected / Account Type
The taxes for the month were paid.
Accounts Affected / Account Type
A merchandise delivery truck was bought and three documents were signed with expiration of one, two and three months.
Accounts Affected / Account Type
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
978-0538473637
