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For each transaction, match the amount debited or credited to the appropriate account. Equally weighted - The total point value is divided equally among
For each transaction, match the amount debited or credited to the appropriate account. Equally weighted - The total point value is divided equally among possible correct matches. Users receive equally weighted points f each correct answer. 2 3 8 9 10 11 1. The firm issues 1,000 shares of its $9 par value common stock for $65,000. $56,000 is credited for 2. The firm borrows money under a short term note.. is debited for the amount borrowed. True Capital paid in excess of par 3. The firm buys equipment from a vendor with the understanding that payment will be made 30 days later. is credited for the amount of the purchase Accounts receivable Cash Sales Retained Earnings Accrued liabilities payable Interest expense 4. The firm buys inventory for cash. is debited for the amount of the purchase 5. The firm records depreciation expense for the year. _ is credited for the amount of the depreciation for the year 6. Bonuses earned but not yet paid are recorded and is credited for the amount of the bonuses 7. Interest expense not yet invoiced is estimated and is debited for the estimated amount Inventory Accumulated depreciation Accounts Payable Cost of Sales 8. Inventory is sold for $10,000 and _ is credited for that amount. 9. Inventory is sold for $10,000 with Payment due in 30 days and that amount. is debited for 10. Inventory with an original cost of $7,500 is sold and amount is debited for that 11. Dividends are paid and the amount of the dividends is debited to 12. True or False. In a closing entry, the net difference of all income statement accounts (debit or
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