Question

In: Accounting

Indicate which of the following accounts should be debited and which should be credited.

 

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.

  1.   Accounts payable

E. Dividends

I. Rent expense

M. Service revenue

  1.   Accounts receivable

F. Equipment

J. Retained earnings

N. Supplies

  1. Cash

G. Notes payable

K. Salaries expense

O. Utilities expense

  1. Common stock

H. Prepaid rent

L. Salaries payable

 
   

Account Debited

Account Credited

ex

Purchase Office Supplies in exchange for cash

N

C

10.

Paid dividends to owners.

   

11.

Customers paid for services provided last month.

   

12.

Received utility invoice; the company will pay next week.

   

13.

Recorded salaries for the month, will pay next week.

   

Solutions

Expert Solution

Answer as following

Account Debited Account Credited
ex Purchase Office Supplies in exchange for cash N C
10 Paid dividends to owners. E C
11 Customers paid for services provided last month. C B
12 Received utility invoice; the company will pay next week. O A
13 Recorded salaries for the month, will pay next week. K L

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