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.
| Paid for a one year insurance policy | |||
| Account #1 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Account #2 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Paid cash for rent. | |||
| Account #1 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Account #2 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Paid cash for land. | |||
| Account #1 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Account #2 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Received cash for services rendered to a client | |||
| Account #1 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Account #2 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Received cash on account from a customer. | |||
| Account #1 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
| Account #2 | Account Type | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
Record the following transactions as journal entries.
Received $7,000 for services rendered to a client
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 3 | |||
Purchased office furniture for $8,000 on account
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 4 | |||
Owner contributed $8,000 in furniture in exchange for common stock
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 5 | |||
Paid $8,000 cash on account.
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 5 | |||
Made a $7,000 payment on notes payable
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Nov. 5 | |||
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Core Concepts of Accounting Information Systems
Authors: Mark G. Simkin, Jacob M. Rose, Carolyn S. Norman
12th edition
1118022300, 978-1118022306
