Question: Accrual Transaction Homework Record the following transactions using journal notation.. You must show the affected accounts' names, amounts, and direction (up/down, +/)i.. Your fiscal year

 Accrual Transaction Homework Record the following transactions using journal notation.. You

Accrual Transaction Homework Record the following transactions using journal notation.. You must show the affected accounts' names, amounts, and direction (up/down, +/)i.. Your fiscal year end is Dec 31 so please give any needed year end adjusting entries. Please label your items so I can follow them. Also, please label each item as a Debit or Credit. -Dec 1 - Paid 6 month insurance bill of $2,400. - Dec 1 - Paid 1 year copier lease for $900. - Dec 1 - Sold some stock for $30.000 -Dec 2 - Purchased a delivery truek for $42,000 that he plans to own for 6 years and sell for $6,000. -Dee 4 - Purchased supplies of $600 and furniture worth $9,800 on account. - Dec 7 - Paid $15,000 to acquire land for a future office. - Dee10 - Defended client in court and billed client for $1,600. -Deell - Received and paid Heat bill for $4801..This is a typical bill and covers service for 11-11 through 12-10. -Dec14 - Paid for supplies purchased earlier. - Deel7 - Received payment from customer billed carlicr. - Dec21 - Received and paid electric bill for $180t.Thisisatypicalbilland covers service for 11-21 through 1220. -Dec23 - Received $2,000 from a customer as a deposit/retainer for a court case that is scheduled for Jan 23. -Dec28 - Received $1,700 for helping customer prepare will. -Dec29 - Paid secretary $1,100. Dec30 - Declared and paid dividends of $1,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!