Solved

Given the Following Accounts, Identify Which Account(s), by Letter, Would

Question 70

Essay

Given the following accounts, identify which account(s), by letter, would be debited or credited for the following transactions.
A. Cash
B. Accounts Receivable
C. Supplies
D. Computer Equipment
E. Accounts Payable
F. Fees Revenue
G. Marketing Expense
H. Salaries Expense
I. Internet Expense
J. Office Equipment
K. Common Shares
L. Rent Expense
1. Purchased supplies on account.
2. Purchased computer equipment for cash.
3. Earned revenue from doing tax returns on account.
4. Paid this month's rent.
5. Paid a bill due on account.
6. Collected payment from a customer.
7. Invested additional cash into the business.
8. Paid the marketing bill.
9. Earned revenue from doing tax returns for cash.
10. Paid salaries in cash.
11. Purchased office equipment on account.

Correct Answer:

verifed

Verified

1. Debit C; Credit E
2. Debit D; Credit ...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions