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Category > Accounting Posted 16 Aug 2017 My Price 10.00

George’s Warehouse Sweeps

Transaction Analysis

P2. The following accounts are applicable to George’s Warehouse Sweeps:

 

1.    Cash

2.    Accounts Receivable

3.    Supplies

4.    Prepaid Insurance

5.    Equipment

6.    Notes Payable

 

7.    Accounts Payable

8.    R. Marcuson, Capital

9.    R. Marcuson, Withdrawals

10.    Service Revenue

11.    Rent Expense

12.    Repair Expense

 

George’s Warehouse Sweeps completed the following transactions:

 

 

Debit

Credit

a.

Paid for supplies purchased on credit last month.

  7   

   1  

b.

Received a bill for repairs.

 

 

c.

Paid the current month’s rent.

 

 

d.

Purchased supplies on credit.

 

 

e.

Received cash from customers for services

 

 

 

performed but not yet billed.

 

 

f.

Purchased equipment on account.

 

 

g.

Billed customers for services performed.

 

 

h.

Returned part of the equipment purchased in f for a credit.

        

 

i.

Received payments from customers previously billed.

        

 

j.

Paid the bill received in b.

 

 

k.

Received an order for services to be performed.

 

 

l.

Paid for repairs with cash.

 

 

m.  Made a payment to reduce the principal of the note payable.              

n.    Made a cash withdrawal.

ReQUIReD

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

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 11:08 PM My Price 10.00

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