For each journal entry shown below, indicate the accounting method(s) for which the entry would be appropriate.
Question:
For each journal entry shown below, indicate the accounting method(s) for which the entry would be appropriate. If the journal entry is not appropriate for a particular accounting method, explain the proper accounting treatment for that method.
1. Office Equipment
Cash
Purchased equipment for cash
2. Office Equipment
Accounts Payable
Purchased equipment on account
3. Cash
Revenue
Cash receipts for week
4. Accounts Receivable
Revenue
Services performed on account
5. Prepaid Insurance
Cash
Purchased prepaid asset
6. Supplies
Accounts Payable
Purchased prepaid asset
7. Telephone Expense
Cash
Paid telephone bill
8. Wages Expense
Cash
Paid wages for month
9. Accounts Payable
Cash
Made payment on account
Adjusting Entries:
10. Supplies Expense
Supplies
11. Wages Expense
Wages Payable
12. Depreciation Expense—Office Equipment
Accumulated Depreciation—Office Equipment
Step by Step Answer:
Cash Basis Modified Cash Basis Accrual Basis 1Office Equipment Cash Purchased equipment for cash Deb...View the full answer
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