Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please classify each transaction with Debit side and Credit side; GENERAL JOURNALS: 1] Company received cash $3,000 for providing services. 2] Owner invested additional $10,000

Please classify each transaction with Debit side and Credit side;

GENERAL JOURNALS:

1] Company received cash $3,000 for providing services.

2] Owner invested additional $10,000 to company

3] Company purchased supplies $500 on account

4] Company received cash $15,000 in advance for future project.

5] Company received the bill from advertising company $800 and will pay later.

6] Company pay rental expenses $5,000, utilities expenses $500, salaries expenses $3,000, insurance $500

7] Company sold 100 units with total amount $1,000. Customer will pay next month

8] Company borrow money $3,000, interest rate 4% for business purpose

9] Owner withdraw $1,500 for personal use.

10] Company purchased machinery $ 8,000

Date

ITEMS

Debit

Credit

1

2

3

4

5

6

7

8

9

10

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

Step: 3

blur-text-image

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

Financial Accounting

Authors: LibbyShort

7th Edition

78111021, 978-0078111020

More Books

Students also viewed these Accounting questions