Transaction Analysis

e5A. The accounts that follow are applicable to Harold’s Car Service, a company that repairs cars.

 

 

 

 

 

 

 

 

.

 

 

 

 

 

1.    Cash

2.    Accounts Receivable

3.    Supplies

4.    Equipment

 

 

5.    Accounts Payable

6.    Repair Services Revenue

7.    Wages Expense

8.    Rent Expense

 

Harold’s completed the following transactions:

 

 

 

Debit           Credit

 

a.     Paid for supplies purchased on credit last month.                             5                  1  

b.     Received cash from customers billed last month.

c.     Made a payment on accounts payable.

d.    Purchased supplies on credit.

e.     Billed a client for repair services.

f.      Made a rent payment for the current month.

g.     Received cash from customers for repair services not yet billed.                                  

h.     Paid employee wages.

i.      Ordered equipment.

j.      Received and paid for the equipment ordered in i.                                  

Analyze each transaction and show the accounts affected by entering the corresponding numbers in the appropriate debit or credit columns as shown in transaction a. Indicate no entry, if appropriate.