A number of transactions of Claypool Construction are described below in terms of accounts debited and credited:
Debit Wages Expense; credit Wages Payable.
Debit Accounts Receivable; credit Construction Revenue.
Debit Dividends; credit Cash.
Debit Office Supplies; credit Accounts Payable.
Debit Repairs Expense; credit Cash.
Debit Cash; credit Accounts Receivable.
Debit Tools and Equipment; credit Cash and Notes Payable.
Debit Accounts Payable; credit Cash.
Indicate the effects of each transaction upon the elements of the income statement and the balance sheet. Use the code letters I for increase, D for decrease, and NE for no effect. Organize your answer in tabular form using the column headings shown below. The answer for transaction 1 is provided as an example.

Write a one-sentence description of eachtransaction.

  • CreatedApril 17, 2014
  • Files Included
Post your question