Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hokies uses the following accounts: Accounts Payable Cash Prepaid Rent Common Stock Salaries Payable Equipment Supplies Rent Expense Notes Payable Salaries Expense Accounts Receivable Utilities

Hokies uses the following accounts:
Accounts Payable
Cash
Prepaid Rent
Common Stock
Salaries Payable
Equipment
Supplies
Rent Expense
Notes Payable
Salaries Expense
Accounts Receivable
Utilities Expense
Service Revenue
Retained Earnings
Dividends
Required:
Indicate which accounts should be debited and which should be credited for the following transactions of Hokies company.
\table[[Transactions,Account Debited,Account Credited],[Example: Purchase equipment in exchange for cash.,Equipment,Cash],[1. Pay a cash dividend.,,],[2. Pay rent in advance for the next three months.,,],[3. Provide services to customers on account.,,],[4. Purchase office supplies on account.,,],[5. Pay salaries for the current month.,,],[6. Issue common stock in exchange for cash.,,],[7. Collect cash from customers for services provided in (3) above.,,],[8. Borrow cash from the bank and sign a note.,,],[9. Pay for the current month's utilities.,,],[10. Pay for office supplies purchased in (4) above.,,]]
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Ethical Obligations and Decision Making in Accounting Text and Cases

Authors: Steven M. Mintz, Roselyn E. Morris

5th edition

1259969460, 73403997, 1260480852, 978-1259969461

More Books

Students also viewed these Accounting questions