Question
Required: Record the debit and credit for each of the following transactions (transaction 1 is done for you): Assets = Liabilities + Equity Debit (inc.)
Required:
Record the debit and credit for each of the following
transactions (transaction 1 is done for you):
Assets
=
Liabilities
+
Equity
Debit
(inc.)
Credit
(dec.)
Debit
(dec.)
Credit
(inc.)
Debit
(dec.)
Credit
(inc.)
1. Purchased a $10,000 truck on credit
2. Borrowed $5,000 cash from the bank
3. Paid $2,000 of the bank loan in cash
4. Paid $600 in advance for a one-year
insurance policy
5. Received $500 in advance from a renter
for next month's rental of office space.
10,000
10,000
CP 2-4
Required
: Record the debit and credit in the appropriate account for
each of the following transactions (transaction 1 is done for
you):
Debit
Credit
1. Issued share capital for cash
2. Purchased equipment on credit
3. Paid for a one-year insurance policy
4. Billed a customer for repairs completed today
5. Paid this month's rent
6. Collected the amount billed in transaction 4 above
7. Collected cash for repairs completed today
8. Paid for the equipment purchased in transaction 2 above
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- TERM
- Fall '14
- TAGS
- Accounting,Financial Accounting,Balance Sheet,Unisa,Corporation,Share Capital
Report
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Recently viewedRequired:
Record the debit and credit for each of the following
transactions (transaction 1 is done for you):
Assets
=
Liabilities
+
Equity
Debit
(inc.)
Credit
(dec.)
Debit
(dec.)
Credit
(inc.)
Debit
(dec.)
Credit
(inc.)
1. Purchased a $10,000 truck on credit
2. Borrowed $5,000 cash from the bank
3. Paid $2,000 of the bank loan in cash
4. Paid $600 in advance for a one-year
insurance policy
5. Received $500 in advance from a renter
for next month's rental of office space.
10,000
10,000
CP 2-4
Required
: Record the debit and credit in the appropriate account for
each of the following transactions (transaction 1 is done for
you):
Debit
Credit
1. Issued share capital for cash
2. Purchased equipment on credit
3. Paid for a one-year insurance policy
4. Billed a customer for repairs completed today
5. Paid this month's rent
6. Collected the amount billed in transaction 4 above
7. Collected cash for repairs completed today
8. Paid for the equipment purchased in transaction 2 above
Subscribe to Unlock
Subscribe to Unlock
You've reached the end of your free preview.
Want to read all 792 pages?
Subscribe to Unlock
- TERM
- Fall '14
- TAGS
- Accounting,Financial Accounting,Balance Sheet,Unisa,Corporation,Share Capital
Report
Students who viewed this also studied
- 956 pages
- IntroductiontoFinancialAccountingonlinetext
- University of Maryland, University College
- ACCOUNTING 310 - Summer 2016
- IntroductiontoFinancialAccountingonlinetext
- 660 pages
- A01 - Intro to Financial Accounting (2016) [2nd Ed.]
- University of Maryland, University College
- ACCOUNTING 220 - Fall 2014
- A01 - Intro to Financial Accounting (2016) [2nd Ed.]
- 30 pages
- chp 3 accounting
- Columbus State University
- ACCT 2101 - Fall 2015
- chp 3 accounting
- 710 pages
- Homework Answers
- Boston University
- AC 222 - Spring 2012
- Homework Answers
- 6 pages
- chp 4 ps4-41
- Monterey Peninsula College
- BUSINESS 1A - Fall 2016
- chp 4 ps4-41
- 37 pages
- Week 1 AssignmantBUSC 426.docx
- Bellevue University
- BUSC 426 - Summer 2019
- Week 1 AssignmantBUSC 426.docx
View more
- Bookmarked
- 0
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Essential Calculus Early Transcendental Functions
Authors: Ron Larson, Robert P. Hostetler, Bruce H. Edwards
1st Edition
618879188, 618879182, 978-0618879182
