Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed by the company, proposes
Question:
Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions.
Required:
Assess whether the junior accountant correctly proposes how to record each transaction. If incorrect, provide the correction.
Transcribed Image Text:
External Transaction Accounts Cash Cash Utilities Expense Debit 800 3,400 500 400 1,200 Credit 800 3,400 500 400 1,200 1. Pay cash dividends of $800 to 2. Provide services on account for 3. Pay a $500 utilities bill for the 4. Receive cash of $400 from previously Cash 5. Pay for supplies previously stockholders. customers, $3,400. current period. billed customers. purchased on account, $1,200. Dividends Service Revenue Cash Service Revenue Cash Supplies Expense
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Corrections External Transaction Accounts Debit Credit 1 Pay cash dividends of 800 to stockholders ...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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