Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner, withdrawals; revenue; and expenses), if they increase/decrease and if

Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner, withdrawals; revenue; and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry.

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

Accrued liability for utilities.

Account #1 Account Type Increase/Decrease

IncreaseDecrease

Debit/Credit

DebitCredit

Account #2 Account Type Increase/Decrease

IncreaseDecrease

Debit/Credit

DebitCredit

Purchased office supplies on account

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

Purchased office furniture on account

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.

Collected $7,000 cash for services

Collected $7,000 cash for services

Date

Accounts and Explanation

Debit

Credit

Nov. 3

Paid $7,000 cash on account.

Paid $7,000 cash on account.

Date

Accounts and Explanation

Debit

Credit

Nov. 4

Paid $7,000 cash for rent.

Paid $7,000 cash for rent.

Date

Accounts and Explanation

Debit

Credit

Nov. 5

Paid $5,000 for advertising in the local paper

Paid $5,000 for advertising in the local paper

Date

Accounts and Explanation

Debit

Credit

Nov. 5

Bright, the owner, withdrew $7,000 cash.

Bright, the owner, withdrew $7,000 cash.

Date

Accounts and Explanation

Debit

Credit

Nov. 5

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: 3

blur-text-image

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

Financial Accounting

Authors: Robert K. Eskew, Daniel L. Jensen

5th Edition

0070213550, 978-0070213555

More Books

Students also viewed these Accounting questions