For each transaction described below, write the name of the account that would be debited and...

For each transaction described below, write the name of the account that would be debited and the name of the account that would be credited when recording the transaction.

Company purchased inventory on account
Company sold/provided services for cash
Company recorded depreciation on equipment for the period
Company paid NEXT YEAR’s insurance premium
Company paid vendor for a prior purchase on account
Company paid utility bill
Company received cash deposit from customer for work to be performed in the future
Company received payment on previous sale made on account
Company purchased machinery with a note
Company issued a bond at face value
Company paid interest due on bond issued at face value
Company issued common stock at par value
Company issued common stock at par value in exchange for a building
Company declared a dividend on common stock
Company paid a previously declared dividend on common stock
Company disposed of equipment that was fully depreciated (no residual)
Company uses the percent of sales method and records estimated bad debts.
Company recorded closing entry for revenue account
Company recorded closing entry for expense account
Company’s bank statement indicated a service charge that had not previously been recorded

Solutions

Expert Solution

Answer

	To Record the Transaction in a Journal Entry, Name the Accounts that you would debit and credit
Transaction	Account to Debit
Company purchased inventory on account	Inventory	Accounts payable
Company sold/provided services for cash	Cash	Revenue
Company recorded depreciation on equipment for the period	Depreciation expense	Accumulated depreciation-Equipment
Company paid NEXT YEAR’s insurance premium	Prepaid insurance	Cash
Company paid vendor for a prior purchase on account	Accounts payable	Cash
Company paid utility bill	Utilities expense	Cash
Company received cash deposit from customer for work to be performed in the future	Cash	Unearned revenue
Company received payment on previous sale made on account	Cash	Accounts receivable
Company purchased machinery with a note	Machinery/Equipment	Note payable
Company issued a bond at face value	Cash	Bonds payable
Company paid interest due on bond issued at face value	Interest expense	Cash
Company issued common stock at par value	Cash	Common stock
Company issued common stock at par value in exchange for a building	Building	Common stock
Company declared a dividend on common stock	Dividends	Dividend payable
Company paid a previously declared dividend on common stock	Dividend payable	Cash
Company disposed of equipment that was fully depreciated (no residual)	Accumulated depreciation	Equipment
Company uses the percent of sales method and records estimated bad debts.	Bad debt expense	Allowance for doubtful accounts
Company recorded closing entry for revenue account	Revenue	Retained earnings
Company recorded closing entry for expense account	Retained earnings	Expenses
Company’s bank statement indicated a service charge that had not previously been recorded	Service charge expense	Cash

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

For each transaction described below, write the name of the account that would be debited and...

For each transaction described below, write the name of the account that would be debited and the name of the account that would be credited when recording the transaction. No dollar amounts or explanations are required. Transaction To Record the Transaction in a Journal Entry, Name the Accounts that you would debit and credit Account to DEBIT Account to CREDIT Company purchased inventory on account Company sold/provided services for cash Company recorded depreciation on equipment for the period Company paid...

Identify the accounts to be debited and credited for each transaction

Transactions for the Tage oslo company for the month of June are presented below.Identify the accounts to be debited and credited for each transaction June 1 Tage oslo invests $5,000 cash in a small welding business of which he is the sole proprietor June 2 Purchases equipment on account for $2,400 June 3 $800 cash is paid to landlord for June rent June 12 Sends a bill to J.Kronsnoble for $300 for welding work performed on account

For each of the unrelated transactions described below, present the entries required to record each transaction.

For each of the unrelated transactions described below, present the entries required to record each transaction. 1. Concord Corp. issued $19,900,000 par value 9% convertible bonds at 99. If the bonds had not been convertible, the company’s investment banker estimates they would have been sold at 95. 2. Hoosier Company issued $20,000,000 par value 10% bonds at 98. One detachable stock purchase warrant was issued with each $100 par value bond. At the time of issuance, the warrants were selling...

For each of the unrelated transactions described below, present the entries required to record each transaction....

For each of the unrelated transactions described below, present the entries required to record each transaction. 1. Marigold Corp. issued $22,000,000 par value 10% convertible bonds at 97. If the bonds had not been convertible, the company’s investment banker estimates they would have been sold at 95. 2. Swifty Company issued $22,000,000 par value 10% bonds at 96. One detachable stock purchase warrant was issued with each $100 par value bond. At the time of issuance, the warrants were selling...

For each of the unrelated transactions described below, present the entries required to record each transaction....

For each of the unrelated transactions described below, present the entries required to record each transaction. 1. Crane Corp. issued $21,700,000 par value 10% convertible bonds at 97. If the bonds had not been convertible, the company’s investment banker estimates they would have been sold at 95. 2. Cheyenne Company issued $21,700,000 par value 10% bonds at 96. One detachable stock purchase warrant was issued with each $100 par value bond. At the time of issuance, the warrants were selling...

INSTRUCTIONS: Indicate the accounts to be debited and credited in recording the selected transactions described below...

INSTRUCTIONS: Indicate the accounts to be debited and credited in recording the selected transactions described below by inserting the letter designations in the appropriate columns. ACCOUNTS A. Accounts Receivable F. Fees Earned K. Rent Revenue O. Supplies Expense B. Accumulated Depreciation G. Land L. Salaries Expense P. Taxes Expense C. Advertising Expense H. Prepaid Advertising M. Salaries Payable Q. Taxes Payable D. Depreciation Expense I. Prepaid Rent N. Supplies R. Unearned Fees E. Equipment J. Rent Expense DESCRIPTIONS Debit Credit...

Transaction To Record the Transaction in a Journal Entry, Name the Accounts that you would debit...

Transaction To Record the Transaction in a Journal Entry, Name the Accounts that you would debit and credit Account to DEBIT Account to CREDIT Company purchased inventory on account Company sold/provided services for cash Company recorded depreciation on equipment for the period Company paid NEXT YEAR’s insurance premium Company paid vendor for a prior purchase on account Company paid utility bill Company received cash deposit from customer for work to be performed in the future Company received payment on previous...

February 1st transaction is completed as an example: Only include the letter of the account not the account name.

ASSETS LIABILITIES & STOCKHOLDERS’ EQUITY INCOME STATEMENT ACCOUNTS A. Cash F. Accounts Payable K. Service Revenue B. Accounts Receivable G. Salaries Payable L. Advertising expense C. Supplies H. Deferred revenue M. Rent Expense D. Prepaid advertising I. Notes Payable N. Salaries/Wage expense E. Equipment J. Retained Earnings O. Utilities expense February 1st transaction is completed as an example: Only include the letter of the account not the account name. Date Transaction AMOUNT February 01 (ex) Paid an Accounts...

For each transaction listed below, indicate where it would be presented on the statement of cash...

For each transaction listed below, indicate where it would be presented on the statement of cash flows. Enter your answer by clicking in the drop-down box next to the transaction. Answer choices may be used once, more than once, or not at all. Be careful with matching questions because carmen randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of...

In each part below, a task is described. Your job is to write one or more...

In each part below, a task is described. Your job is to write one or more JAVA statements which will accomplish this task. Assume that all variables have data type int. If you need other variables you may declare them and use them. a. 6 pts Assume that variables x, y, and z have values. Print all the values from x to y that are evenly divisible by z. For example, if x is 6, y is 18, and z...

Subjects