THE AC AFFECTE Instructions: Identify the ACCOUNTS TITTLES that are affected by the transactions described below. The first item is given as an example. TRANSACTIONS ACCOUNTS TITTLES AFFECTED Example: Owner's cash investment to Owner's Capital I Cash the business 1. Sale of goods on account (disregard cost of sales) 2.Charging the cost of goods sold #1 above as expense 3.Purchase of inventory for cash 4.Payment of utilities expense 5. Payment of accounts payable

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 4EB: For each of the following transactions, state which special journal (Sales Journal, Cash Receipts...
icon
Related questions
icon
Concept explainers
Topic Video
Question
eps in the accounting cycle are required; none is optional.
ACTIVITY 4: IDENTIFYING THE ACCOUNTS AFFECTED
Instructions: Identify the ACCOUNTS TITTLES that are affected by the transactions
described below. The first item is given as an example.
TRANSACTIONS
ACCOUNTS TITTLES AFFECTED
Example: Owner's cash investment to
Cash
Owner's Capital
the business
1. Sale of goods on account (disregard
cost of sales)
2.Charging the cost of goods sold #1
above as expense
3.Purchase of inventory for cash
4.Payment of utilities expense
5. Payment of accounts payable
DELL
Transcribed Image Text:eps in the accounting cycle are required; none is optional. ACTIVITY 4: IDENTIFYING THE ACCOUNTS AFFECTED Instructions: Identify the ACCOUNTS TITTLES that are affected by the transactions described below. The first item is given as an example. TRANSACTIONS ACCOUNTS TITTLES AFFECTED Example: Owner's cash investment to Cash Owner's Capital the business 1. Sale of goods on account (disregard cost of sales) 2.Charging the cost of goods sold #1 above as expense 3.Purchase of inventory for cash 4.Payment of utilities expense 5. Payment of accounts payable DELL
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
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
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Auditing: A Risk Based-Approach (MindTap Course L…
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Quickbooks Online Accounting
Quickbooks Online Accounting
Accounting
ISBN:
9780357391693
Author:
Owen
Publisher:
Cengage