[The following information applies to the questions displayed below.] Here are selected transactions of the Castillo...

Transcribed Image Text:

[The following information applies to the questions displayed below.] Here are selected transactions of the Castillo Shipping Service. DATE TRANSACTIONS March 1, 20X1 The owner made an additional investment of $51,500 in cash. March 2, 20X1 Purchased supplies for $6,150 on credit. March 3, 20X1 Issued a check for $6,000 to pay the monthly rent. March 4, 20X1 Provided services for $9,060 on credit. March 5, 20X1 Performed services for $20,150 in cash. March 6, 20X1 Issued a check for $4,350 to pay a creditor on account. March 7, 20X1 Purchased new equipment for $11,300 and paid for it immediately by check. March 8, 20X1 Collected $6,760 from credit customers. March 9, 20X1 Sent a check for $1,525 to the utility company to pay the monthly bill. March 10, 20X1 Gave a cash refund of $1,075 to a customer because of a lost package (the customer previously paid in cash). Analyze the transactions and indicate by number what accounts should be debited and credited for each transaction. Date March 1, 20X1 March 2, 20X1 2. Purchased supplies for $6,150 on credit. March 3, 20X1 Transaction 1. The owner made an additional investment of $51,500 in cash. 3. Issued a check for $6,000 to pay the monthly rent. March 4, 20X1 4. Provided services for $9,060 on credit. March 5, 20X1 5. Performed services for $20,150 in cash. March 6, 20X1 March 7, 20X1 March 8, 20X1 March 9, 20X1 March 10, 20X1 6. Issued a check for $4,350 to pay a creditor on account. 7. Purchased new equipment for $11,300 and paid for it immediately by check. 8. Collected $6,760 from credit customers. 9. Sent a check for $1,525 to the utility company to pay the monthly bill. 10. Gave a cash refund of $1,075 to a customer because of a lost package (the customer previously paid in cash). Debit Credit [The following information applies to the questions displayed below.] Here are selected transactions of the Castillo Shipping Service. DATE TRANSACTIONS March 1, 20X1 The owner made an additional investment of $51,500 in cash. March 2, 20X1 Purchased supplies for $6,150 on credit. March 3, 20X1 Issued a check for $6,000 to pay the monthly rent. March 4, 20X1 Provided services for $9,060 on credit. March 5, 20X1 Performed services for $20,150 in cash. March 6, 20X1 Issued a check for $4,350 to pay a creditor on account. March 7, 20X1 Purchased new equipment for $11,300 and paid for it immediately by check. March 8, 20X1 Collected $6,760 from credit customers. March 9, 20X1 Sent a check for $1,525 to the utility company to pay the monthly bill. March 10, 20X1 Gave a cash refund of $1,075 to a customer because of a lost package (the customer previously paid in cash). Analyze the transactions and indicate by number what accounts should be debited and credited for each transaction. Date March 1, 20X1 March 2, 20X1 2. Purchased supplies for $6,150 on credit. March 3, 20X1 Transaction 1. The owner made an additional investment of $51,500 in cash. 3. Issued a check for $6,000 to pay the monthly rent. March 4, 20X1 4. Provided services for $9,060 on credit. March 5, 20X1 5. Performed services for $20,150 in cash. March 6, 20X1 March 7, 20X1 March 8, 20X1 March 9, 20X1 March 10, 20X1 6. Issued a check for $4,350 to pay a creditor on account. 7. Purchased new equipment for $11,300 and paid for it immediately by check. 8. Collected $6,760 from credit customers. 9. Sent a check for $1,525 to the utility company to pay the monthly bill. 10. Gave a cash refund of $1,075 to a customer because of a lost package (the customer previously paid in cash). Debit Credit