Question

For the following transactions, indicate whether the accountant for Jacksonville Company should debit or credit the account in parentheses (use dr. or cr.):
1. Jacksonville sold merchandise on credit (Accounts Receivable).
2. Jacksonville received interest on an investment (Interest Revenue).
3. Jacksonville declared dividends and paid them in cash (Retained Earnings).
4. Jacksonville paid wages to employees (Wages Expense).
5. Jacksonville sold merchandise for cash (Sales Revenue).
6. Jacksonville acquired a 4-year fire insurance policy (Prepaid Expenses).



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  • CreatedFebruary 20, 2015
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