For each of the following transactions, select the account to be debited and the account to be credited in the general journal. Invested cash in the business, $1,000. Owner's Capital 2. Performed services on account, $200. 3. Purchased office equipment on account, $500. 4. Received cash on account for services previously rendered, $200. 5. Made a payment on account, $100.

Name: For each of the following transactions, select the account to be debit
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Description: For each of the following transactions, select the account to be debited and the account to be credited in the general journal. Invested cash in the business, $1,000. Owner's Capital 2. Performed services on account, $200. 3. Purchased office equi

Answered: For each of the following transactions,…

Business

Accounting

For each of the following transactions, select the account to be debited and the account to be credited in the general journal.

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...

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is the answer to this question correct If you received a check from Mr. Jones for $500 for work you performed last week, which journal would you use to record receipt of the amount they owed you? What would be recorded? This transaction will be recorded in the Cash Receipts Journal. The receipt of cash from the sale of goods, as payment on accounts receivable or from other transactions, is recorded in a cash receipts journal with a debit to cash and a credit to the source of the cash, whether that is from sales revenue, payment on an account receivable, or some other account. Chapter 7 Accounting Information Systems out of Principles of Accounting, Volume 1. CASH RECEIPTS JOURNAL Date Account Cash DR Accounts Receivable CR 2022 Mar.13 Mr. Jones $ 500 $ 500

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bartleby, a Learneo, Inc. business

Invested cash in the business, $1,000.		Owner's Capital
2. Performed services on account, $200.
3. Purchased office equipment on account, $500.
4. Received cash on account for services previously rendered, $200.
5. Made a payment on account, $100.