Question
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 |
Record the following transactions as journal entries. Refer to the Chart of Accounts for account titles.
Purchased office furniture for $7,000 on account
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 3 | |||
Prepaid $7,000 cash for rent.
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 4 | |||
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
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 3 | |||
Prepaid $7,000 cash for rent.
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 4 | |||
Purchased $5,000 of office supplies on account.
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 5 | |||
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Fundamental Managerial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
7th edition
978-0077632427, 77632427, 78025656, 978-0078025655
