A list of the accounts of Medford Corporation is given below, followed by some selected transactions....

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A list of the accounts of Medford Corporation is given below, followed by some selected transactions. Indicate the accounts that should be debited and credited for the transaction or adjusting entry by placing the appropriate account codes in the debit and credit columns provided. (10 points) Code Account A. Cash B. C. D. E. F. G. H. Ex. 1. Prepaid expenses 3. Accounts receivable 4. Service trucks Accumulated depreciation Transaction or Closing entry Accounts payable Notes payable Unearned revenue Purchased a service truck for $50,000, paid in cash. Collected $1,000 in advance for 2. service to be provided next year. Paid $600 for a two-year premium on the insurance policy covering the truck. Declared a cash dividend, $2,000. Depreciation of $1,500 on the truck must be recorded. Truck insurance used for one full 5. year must be recorded (see 1, Debit D Code Account 1. Common stock J. Retained earnings K. L. Service revenue Rent revenue M. Expenses N. O. Dividends payable Utility Payable P. Rent payable Credit A A list of the accounts of Medford Corporation is given below, followed by some selected transactions. Indicate the accounts that should be debited and credited for the transaction or adjusting entry by placing the appropriate account codes in the debit and credit columns provided. (10 points) Code Account A. Cash B. C. D. E. F. G. H. Ex. 1. Prepaid expenses 3. Accounts receivable 4. Service trucks Accumulated depreciation Transaction or Closing entry Accounts payable Notes payable Unearned revenue Purchased a service truck for $50,000, paid in cash. Collected $1,000 in advance for 2. service to be provided next year. Paid $600 for a two-year premium on the insurance policy covering the truck. Declared a cash dividend, $2,000. Depreciation of $1,500 on the truck must be recorded. Truck insurance used for one full 5. year must be recorded (see 1, Debit D Code Account 1. Common stock J. Retained earnings K. L. Service revenue Rent revenue M. Expenses N. O. Dividends payable Utility Payable P. Rent payable Credit A

Answer rating: 100% (QA)

Accounting Entries for Medford Corporation Transactions TransactionEntry Debit Credit 1 Purchase Tru... View the full answer