Question

Debit/credit terminology

Required
For each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are identified as an example.


a. Received cash by issuing common stock.
b. Provided services on account.
c. Paid accounts payable.
d. Received cash for services to be performed in the future.
e. Purchased supplies on account.
f. Paid cash in advance for one year’s rent.
g. Recognized revenue for services completed; previously collected the cash in Event d .
h. Paid cash for operating expenses.
i. Paid salaries payable.
j. Paid cash dividends to the stockholders.
k. Recognized accrued interest revenue.
l. Recognized expense for prepaid rent that had been used up by the end of the accounting period.
m. Paid salaries expense.
n. Received cash in payment of accountsreceivable.


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  • CreatedOctober 12, 2013
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