Analyze the following transactions of Pretty Party Planners in the manner shown for the December 1 transaction.
Question:
Dec. 1 Paid monthly utilities expense of $200.
(Analysis: The expense, utilities expense, is increased; therefore, debit Utilities Expense. The asset, cash, is decreased; therefore, credit Cash.)
1 Utilities Expense..........................200
Cash..........................................................200
4 Borrowed $20,000 cash, signing a note payable.
8 Purchased equipment on account, $4,000.
12 Performed service on account for a customer, $6,000.
19 Sold land for $24,000 cash that had cost this same amount.
22 Purchased supplies for $1,200 and paid cash.
27 Paid the liability created on December 8.
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Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
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