Question

For your main Discussion post, list at least one of each transaction related to all of the following business events:

1. Purchase of goods or services for cash
2. Providing services for cash
3. Providing services on account
4. Purchase of goods or services on account
5. Payment of a previously recorded expense
6. Receipt of a previously recorded revenue earned

Be sure to explain your logic in the analysis of your business transactions and do not repeat examples from the textbook. Also, list the type of source documents that may serve as evidence for each accounting transaction. Here is an example of a purchase of goods for cash:

My Company purchased $1,000 of supplies during the current accounting period; payment was made at the time of purchase. The source I would need is a sales receipt from the company from which I purchased the supplies.

Additionally, for each business transaction presented, answer these questions:

1. Which accounts are affected for each transaction?
2. How is each account affected (debit or credit, increase or decrease), specifically?

Answer 1