Activity 2.a - Analyze the Transactions Review the transactions and determine the accounts, the account types, if
Question:
Activity 2.a - Analyze the Transactions Review the transactions and determine the accounts, the account types, if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry.
Paid cash for land. | |||
Account #1 Accounts PayableAccounts ReceivableAdvertising ExpenseBuildingCashCommon StockDividendsEquipmentFurnitureLandNotes PayableOffice FurnitureOffice SuppliesPrepaid InsurancePrepaid RentRent ExpenseRepairs ExpensesRetained EarningsSalaries ExpenseService RevenueTruckUtilities ExpenseUtilities PayableUnearned Revenue | Account Type AssetExpenseLiabilityCommon StockRevenueDividends | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
Account #2 Accounts PayableAccounts ReceivableAdvertising ExpenseBuildingCashCommon StockDividendsEquipmentFurnitureLandNotes PayableOffice FurnitureOffice SuppliesPrepaid InsurancePrepaid RentRent ExpenseRepairs ExpensesRetained EarningsSalaries ExpenseService RevenueTruckUtilities ExpenseUtilities PayableUnearned Revenue | Account Type AssetExpenseLiabilityCommon StockRevenueDividends | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
Paid for repairs to the company truck | |||
Account #1 Accounts PayableAccounts ReceivableAdvertising ExpenseBuildingCashCommon StockDividendsEquipmentFurnitureLandNotes PayableOffice FurnitureOffice SuppliesPrepaid InsurancePrepaid RentRent ExpenseRepairs ExpensesRetained EarningsSalaries ExpenseService RevenueTruckUtilities ExpenseUtilities PayableUnearned Revenue | Account Type AssetExpenseLiabilityCommon StockRevenueDividends | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
Account #2 Accounts PayableAccounts ReceivableAdvertising ExpenseBuildingCashCommon StockDividendsEquipmentFurnitureLandNotes PayableOffice FurnitureOffice SuppliesPrepaid InsurancePrepaid RentRent ExpenseRepairs ExpensesRetained EarningsSalaries ExpenseService RevenueTruckUtilities ExpenseUtilities PayableUnearned Revenue | Account Type AssetExpenseLiabilityCommon StockRevenueDividends | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
Received cash on account from a customer. | |||
Account #1 Accounts PayableAccounts ReceivableAdvertising ExpenseBuildingCashCommon StockDividendsEquipmentFurnitureLandNotes PayableOffice FurnitureOffice SuppliesPrepaid InsurancePrepaid RentRent ExpenseRepairs ExpensesRetained EarningsSalaries ExpenseService RevenueTruckUtilities ExpenseUtilities PayableUnearned Revenue | Account Type AssetExpenseLiabilityCommon StockRevenueDividends | Increase/Decrease IncreaseDecrease | Debit/Credit DebitCredit |
Account #2 Accounts PayableAccounts ReceivableAdvertising ExpenseBuildingCashCommon StockDividendsEquipmentFurnitureLandNotes PayableOffice FurnitureOffice SuppliesPrepaid InsurancePrepaid RentRent ExpenseRepairs ExpensesRetained EarningsSalaries ExpenseService RevenueTruckUtilities ExpenseUtilities PayableUnearned Revenue | Account Type AssetExpenseLiabilityCommon StockRevenueDividends |
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley