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General Journal Entries: Matthew Moneybags provides financial services. Shown below are (a) several accounts in his Corporation's general ledger with each account preceded by an
General Journal Entries: Matthew Moneybags provides financial services. Shown below are (a) several accounts in his Corporation's general ledger with each account preceded by an identification number, and (b) several transactions completed by the Corporation. Indicate the accounts debited and credited when recording each transaction by placing the proper account identification number to the right of each transaction. General Ledger > Account/Identification Number: 1. Cash 2. Accounts Receivable 3. Office Equipment 4. Office Supplies 5. Prepaid Insurance 6. Accounts Payable 7. Unearned Services Revenue 8. Common Stock 9. Dividends 10. Services Revenue 11. Utilities Expense Debit Credit 1. 3. 5. 2. 4. 6. 8. 10. 1 & 2. Began a financial services practice by investing $15,000.00 cash and office equipment having a $5,000.00 value in exchange for common stock 3&4. Purchased $1.200.00 of office equipment on credit. 5&6. Purchased $300.00 of office supplies on credit. 7&8. Completed work for a client and immediately received a payment of $900.00 cash. 9&10. Completed work for Acme Loan Company on credit, $1,700.00. 11 & 12. Paid for the office supplies purchased on December 3. 13 & 14 Paid for the annual $960.00 premium on an insurance policy. 15 & 16. Received payment in full from Acme Loan Company for the work completed on December 8. 17 & 18. Paid a $650.00 cash dividend. 19 & 20. Paid $175.00 cash for the December utility bills. 21 & 22. Received $2,000.00 from a client for financial services to be rendered next year. 7. 9. 11. 13. 12. 14. 15. 17. 19. 16. 18. 20. 21. 22
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