Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase decrease and if they are DR CR List accounts in order they would be in the journal entry Refer to the Chart of Accounts for account titles Purchase of building with note Account 1incorrect Account Typeincorrect Increase Decrease IncreaseDecreasecorrect Debit Credit DebitCreditcorrect Account 2incorrect Account Typeincorrect Increase Decrease IncreaseDecreasecorrect Debit Credit DebitCreditcorrect Declared and paid cash dividend Account 1incorrect Account Typeincorrect Increase Decrease IncreaseDecreasecorrect Debit Credit DebitCreditcorrect Account 2incorrect Account Typeincorrect Increase Decrease IncreaseDecreaseincorrect Debit Credit DebitCreditcorrect Paid cash for salaries Account 1incorrect Account Typeincorrect Increase Decrease IncreaseDecreasecorrect Debit Credit DebitCreditcorrect Account 2incorrect Account Typeincorrect Increase Decrease IncreaseDecreasecorrect Debit Credit Record the following transactions as journal entries Refer to the Chart of Accounts for account titles Purchased office furniture for $7,000 on account Purchased office furniture for $7,000 on account Date Accounts and Explanation Debit Credit Nov 3 Prepaid $7,000 cash for rent Prepaid $7,000 cash for rent Date Accounts and Explanation Debit Credit Nov 4 Purchased $5,000 of office supplies on account Purchased $5,000 of office supplies on account Date Accounts and Explanation Debit Credit Nov 5 Record the following transactions as journal entries Refer to the Chart of Accounts for account titles Purchased office furniture for $7,000 on account Purchased office furniture for $7,000 on account Date Accounts and Explanation Debit Credit Nov 3 Prepaid $7,000 cash for rent Prepaid $7,000 cash for rent Date Accounts and Explanation Debit Credit Nov 4 Purchased $5,000 of office supplies on account Purchased $5,000 of office supplies on account Date Accounts and Explanation Debit Credit Nov 5

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 15, 2024

Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they

Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Refer to the Chart of Accounts for account titles.

Purchase of building with note.
Account #1incorrect	Account Typeincorrect	Increase/Decrease IncreaseDecreasecorrect	Debit/Credit DebitCreditcorrect
Account #2incorrect	Account Typeincorrect	Increase/Decrease IncreaseDecreasecorrect	Debit/Credit DebitCreditcorrect

Declared and paid cash dividend.
Account #1incorrect	Account Typeincorrect	Increase/Decrease IncreaseDecreasecorrect	Debit/Credit DebitCreditcorrect
Account #2incorrect	Account Typeincorrect	Increase/Decrease IncreaseDecreaseincorrect	Debit/Credit DebitCreditcorrect

Paid cash for salaries
Account #1incorrect	Account Typeincorrect	Increase/Decrease IncreaseDecreasecorrect	Debit/Credit DebitCreditcorrect
Account #2incorrect	Account Typeincorrect	Increase/Decrease IncreaseDecreasecorrect	Debit/Credit