Question
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
Date | Accounts and Explanation | Debit | Credit |
---|---|---|---|
Nov. 3 | |||
Paid $7,000 cash on account.
Date | Accounts and Explanation | Debit | Credit |
---|---|---|---|
Nov. 4 | |||
Paid $7,000 cash for rent.
Date | Accounts and Explanation | Debit | Credit |
---|---|---|---|
Nov. 5 | |||
Paid $5,000 for advertising in the local paper
Date | Accounts and Explanation | Debit | Credit |
---|---|---|---|
Nov. 5 | |||
Bright, the owner, withdrew $7,000 cash.
Date | Accounts and Explanation | Debit | Credit |
---|---|---|---|
Nov. 5 | |||
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