To record properly each of the following transactions, indicate the account name in which the debit and credit entries should be recorded Company B receives $5,000 from a vendor in full settlement of a lawsuit (for breach of contract) filed by B against the vendor Debit to , and credit to Company B receives $2,000 as a down payment for service to be rendered to the customer in the next accounting period Debit to , and credit to Company B receives $1,000 for service rendered to the customer in the previous accounting period Debit to , and credit to Company B pays $500 for material to be received from a vendor in the next accounting period Debit to , and credit to Company B pays $1,700 for material received from a vendor during the previous accounting period Debit to , and credit to Company B recognizes that $180 of prepaid insurance has expired (that is, a portion of the coverage has expired) Debit to , and credit to Company B returns $900 of merchandise to a supplier, alleging that it is defective B has not yet paid for the merchandise Debit to , and credit to Company B trades in a used truck for a new truck B paid $6,000 in addition to the trade in Debit to , and credit to Company B trades material, which it acquired in the last accounting period for $300, with a vendor in full settlement of the $500 owed to the vendor Debit to , debit to , and credit to , and credit to Company B issues 1,000 shares of its company stock to lender Y in full settlement of a $20,000 long term borrowing Debit to , and credit to

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To record properly each of the following transactions, indicate the account name in which the debit and credit entries should be recorded Company B receives

To record properly each of the following transactions, indicate the account name in which the debit and credit entries should be recorded

Company B receives $5,000 from a vendor in full settlement of a lawsuit (for breach of contract) filed by B against the vendor: Debit to _____, and credit to _____.
Company B receives $2,000 as a down payment for service to be rendered to the customer in the next accounting period: Debit to _____, and credit to _____.
Company B receives $1,000 for service rendered to the customer in the previous accounting period: Debit to _____, and credit to _____.
Company B pays $500 for material to be received from a vendor in the next accounting period: Debit to _____, and credit to _____.
Company B pays $1,700 for material received from a vendor during the previous accounting period: Debit to _____, and credit to _____.
Company B recognizes that $180 of prepaid insurance has expired (that is, a portion of the coverage has expired): Debit to _____, and credit to _____.
Company B returns $900 of merchandise to a supplier, alleging that it is defective; B has not yet paid for the merchandise: Debit to _____, and credit to _____.
Company B trades in a used truck for a new truck; B paid $6,000 in addition to the trade-in: Debit to _____, and credit to _____.
Company B trades material, which it acquired in the last accounting period for $300, with a vendor in full settlement of the $500 owed to the vendor: Debit to _____, debit to _____, and credit to _____, and credit to _____.
Company B issues 1,000 shares of its company stock to lender Y in full settlement of a $20,000 long-term borrowing: Debit to _____, and credit to _____.