Recording Nonquantitative Journal Entries
The following list includes a series of accounts for Sanjeev Corporation, which has been operating for three years. These accounts are listed and numbered for identification. Following the accounts is a series of transactions. For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. If no journal entry is needed, write none after the transaction. The first transaction is used as anexample.

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Account No. Account Title Account No. Account Title Cash 9. Wages Payable Income Taxes Payable Contributed Capital Retained Eamings Service Revenue Operating Expenses (wages, supplies) Income Tax Expense Interest Expense Accounts Receivable 10 Supplies Prepaid Expenses Equipment 11 12 13 6. Patents 14 Accounts Payable Note Payable 15 16 Transactions Debit Credit a. Example: Purchased equipment for use in the business; paid one-third cash and signed a note payable for the balance. b. Paid cash for salaries and wages eamed by employees this period. c. Paid cash on accounts payable for expenses incurred last period. d. Purchased supplies to be used later; paid cash. e. Performed services this period on credit. f. Collected cash on accounts receivable for services performed last period. g. Issued stock to new investors. h. Paid operating expenses incurred this period. i. Incurred operating expenses this period to be paid next period. j. Purchased a patent (an intangible asset): paid cash. k. Collected cash for services performed this period. 1. Used some of the supplies on hand for operations. m. Paid three-fourths of the income tax expense incurred for the year; the balance will be paid next year. n. Made a payment on the equipment note in (a); the payment was part principal and part interest expense. o. On the last day of the curent period, paid cash for an insurance policy covering the next two years. 5. 1, 8