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The following is a list of accounts for Sanjeev Corporation, which has been operating for three years. These accounts are listed and numbered for
The following is a list of accounts for Sanjeev Corporation, which has been operating for three years. These accounts are listed and numbered for identification. Following the accounts is a series of transactions. For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. The first transaction is used as an example Account No. 1 2 Account Title Cash Accounts Receivable 3 Supplies 4 Prepaid Expenses 5 Equipment 6 Patents 7 Accounts Payable 8 Note Payable 9 Wages Payable 10 Income Taxes Payable 11 Common Stock 12 13 14 15 Additional Paid-in Capital Retained Earnings Service Revenue Operating Expenses (wages, supplies) 16 Income Tax Expense 17 Interest Expense Transactions Example Purchased equipment for use in the business paid one-third cash and signed a note payable for the balance. b Paid cash for salaries and wages earned by employees this period Paid cash on accounts payable for expenses incurred last period d. Purchased supplies to be used later paid cash e Performed services this period on credit Collected cash on accounts receivable for services performed last period g Issued stock to new investors for cash greater than par value h. Paid operating expenses incurred this period i Incurred operating expenses this period to be paid next period j Purchased a patent (an intangible asset) paid cash k Collected cash for services performed this period. 9 Debit Credit 18
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