IPW, Inc. began operations on January 1, 2013. The seven transactions recorded during January by the company accountant are shown in the following T-accounts:
Complete the following table. For each transaction shown, determine the accounts affected, the type of account, whether the account increases or decreases, and whether it would be recorded in the journal on the debit or credit side.
Answer to relevant QuestionsThe following are six transactions for Gonzalez Engineering, Inc. during the month of July. Jul 1 Paid advertising expense, $275. 3 Performed service for customers and received cash, $3,000. 5 Purchased supplies on account, ...Baldwin Realty, Inc. had the following transactions for the month of May 2013. May 2 Paid Rent Expense, $600. 4 Performed service for a customer and received cash, $1,000. 8 Purchased supplies on account, $400. 11 Received ...Using the steps outlined in the five-step transaction analysis, record the following transactions in the general journal for Laverden Plumbing, Inc. Explanations are not required. May 1 Paid interest expense, $500. 5 ...Yuming Ma provides immigration services under the business title YMM Immigration, Inc. During June, her business engaged in the following transactions: Jun 1 Sold $60,000 shares to Yuming Mato start the business. 3 Paid $500 ...Tip Top Advertising, Inc. engaged in the following business transactions during July of 2013: Jul 1 Borrowed $190,000 from Oakville Bank. The company president signed a note payable to the bank in the name of Tip Top ...
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