Question

In: Accounting

1. Jack receives 300 dollars cash advance from performing alegal service.2. Jack gets a...

1. Jack receives 300 dollars cash advance from performing a legal service.

2. Jack gets a refund of 30 dollars worth of office supplies that he previously purchased. This is recieved in credit and not a cash refund)

3. Jack receives 1000 dollars from customers previously billed on Jan 6th.

For each one name debit/credit and which category (accounts payable, cash, office supplies, etc...)

Which of the following will have a normal credit balance?

a. prepaid rent.

b. rent expense

c. dividends

d. accumulated depreciation

4. Jack paid 6000 of the debit incurred from Jan 3rd.

Expert Solution

1.

Cash - Debit

Unearned service revenue - Credit

2.

Accounts payable - Debit

Office supplies - Credit

3.

Cash - Debit

Accounts receivable - Credit

4.

Accounts payable - Debit

Cash - Credit

Accumulated depreciation will have a normal credit balance

ekkarill92 answered 2 years ago

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