Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question Seven (4%) indicate whether a debit (DR) or a credit (CR) entry would be made to record the following changes in each account. CR

image text in transcribed
Question Seven (4%) indicate whether a debit (DR) or a credit (CR) entry would be made to record the following changes in each account. CR (a) To decrease Cash CR (b) To increase Owner, Capital (c) To decrease Accounts Payable (d) To increase Salaries Expense. CR (e) To decrease Supplies. CR (f) To increase Revenue. Ich @ To decrease Accounts Receivable. DR (h) To increase Owner, Withdrawals. Question Eight (10%) Record the following transactions by making entries directly to the T-accounts provided. (el) Caren Krispy began an auditing firm by investing $10,000 cash and a computer equipment (6) Purchased equipment from Johnson Bros. on credit, $2,500. le) Completed auditing work and received $1,000 cash in full payment (d) Paid Johnson Bros. $2.500 for the amount owed re) Completed auditing work for clients on credit, $3,500. Caren Krispy withdrew $500 cash from the practice for personal use Received $3.500 for the audit work completed for the clients in Transaction e. Paid secretary's salary, $2,000 Aconuts Recenalle Cash Egyment B Acounts Payale D G Caren Koop Aude Revene Caren Knopy Wahlawal F Salary Expense A

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_2

Step: 3

blur-text-image_step3

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

Excel For Auditors

Authors: Bill Jelen, Dwayne K. Dowell

1st Edition

ISBN: 1932802169, 978-1932802160

More Books

Students also viewed these Accounting questions

Question

Write a program to check an input year is leap or not.

Answered: 1 week ago

Question

Write short notes on departmentation.

Answered: 1 week ago

Question

What are the factors affecting organisation structure?

Answered: 1 week ago

Question

What are the features of Management?

Answered: 1 week ago

Question

Briefly explain the advantages of 'Management by Objectives'

Answered: 1 week ago