In: Accounting
Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash)…see below. Only include the letter of the account not the account name.
|
E. Dividends |
I. Rent expense |
M. Service revenue |
|
F. Office Equipment |
J. Retained earnings |
N. Supplies |
|
G. Notes payable |
K. Salaries expense |
O. Utilities expense |
|
H. Prepaid rent |
L. Salaries payable |
Account Debited |
Account Credited |
||
ex |
Purchase Office Supplies in exchange for cash |
N |
C |
10. |
Purchased office equipment on account |
||
11. |
Provided services on account |
||
12. |
Received utility bill and paid it the same day |
||
13. |
Used rent that had been paid for in advance |
Transaction Account Debited Account Credited
10 F A
11 B M
12 O C
13 I H
Supporting Work
Journal Entries
Transaction 10
Office Equipment A/C...Dr
To Accounts Payables
Transaction 11
Accounts Receivables A/C..Dr
To Service Revenue
Transaction 12
Utilities Expense A/C...Dr
To Cash
Transaction 13
Rent Expense A/C..Dr
To Prepaid Rent