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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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I need to know are Debited or Credited AND to what accounts- Assets, Liabilities, and Equity
1) Shareholders invest $5000 cash to begin business
2) Company bought a copy machine for $1500 cash
3) Company sold copies to customer for $500 cash
4) Company produced copies for customer. The total sale amount was $1200. Company agreed to bill customer for the sale at the end of the month
5) Company paid employees $600
6) Company bought supplies for $300
7) Company paid rent $700
8) Company paid utilities $200
9) Company bought office furniture for $500
10) Company had an unpaid phone bill at month end for $100
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- At the beginning of the month, the accounts receivable subsidiary ledger showed balances for Apple Company of $5,000 and Berry Company of $7,000. During the month, credit sales were made to Apple for $6,000, Berry for $4,500, and Cantaloupe for $8,500. Cash was collected on account from Berry for $11,500 and Cantaloupe for $3,000. At the end of the month, the control account Accounts Receivable in the general ledger should have a balance of: a. $12,000 b. $31,000 c. $16,500 d. $11,000arrow_forwardI need the answer as soon as possiblearrow_forwardPlease help mearrow_forward
- Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Accounts Payable is $2,800 The starting balance of Cash is $8,400 The starting balance of Debt is $3,400 The starting balance of Inventory is $4,200 1. Pay $6 owed to a supplier 2. Buy $17 worth of manufacturing supplies on credit 3. Borrow $55 from a bank What is the final amount in Debt? Note: No unit adjustments are necessary.arrow_forwarddont give answer in image formatarrow_forwardPost to the general ledgerarrow_forward
- Prepare the journal journies for a,b,c,d,e,& f please & thank you. Also prepare journal entries to record the first subsequent cash transaction in January of the next year for parts c and e thank you!arrow_forwardstate whether you think a business would recognize the following as revenue.You should select yes or no. 1.Cash sales by a business totalling $20,000 2.Sale of excess equipment by a restaurant shown on the balance sheet as $500 and receiving $350 in cash 3.Hairdressing services for which clients paid cash of $120 4.Sale of goods on credit by a retailer for $180 5.A printer received $200 deposit on an order to print stationery for a client 6.A real estate business receives a $3,000 commission in advance of the sale of a housearrow_forward
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