Question
Listed here are a series of accounts that are numbered for identification. Accompanying this problem are columns in which you are to write the identification
Listed here are a series of accounts that are numbered for identification. Accompanying this problem are columns in which you are to write the identification numbers of the accounts affected by the transactions described. You may use the same account in several answers. For each transaction indicate which account or accounts are to be debited and which are to be credited. 1. Cash 2. Inventory 3. Accounts Receivable 4. Equipment 5. Travel expenses 6. Prepaid insurance 7. Accounts payable 8. Long Term borrowings 9. Share Capital 10. Accumulated depreciation 11. Sales Revenue 12. Travel expenses payable 13. Salaries & Wages S.NO. Transactions Debit (LHS) Credit (RHS) i. Purchased inventory on credit (Example) 2 7 ii. Credit sales for the period iii. Paid cash for salaries and wages for work done during this period iv. Collected cash from credit customers v. Paid part of the long term borrowings in cash vi. Inventory purchased on cash vii. Additional 400 new shares are issued to increase Share Capital viii. Travel expenses incurred but not paid
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