Exercise 5-13A

1. EX.05.13A

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1. eBook
2. Cash, Modified Cash, and Accrual Bases of Accounting
3. Select the debit and credit account for each entry for the following transactions, using the (a) cash basis, (b) modified cash basis, and (c) accrual basis of accounting. If no entry is required, select "No entry" from the drop down box.
5. Cash BasisModified Cash BasisAccrual Basis1.Purchase supplies on account.Debit
11. Credit
17. 2.Make payment on asset previously purchased.Debit
23. Credit
29. 3.Purchase supplies for cash.Debit
35. Credit
41. 4.Purchase insurance for cash.Debit
47. Credit
53. 5.Pay cash for wages.Debit
59. Credit
65. 6.Pay cash for phone expense.Debit
71. Credit
77. 7.Pay cash for new equipment.Debit
83. Credit
89. End-of-Period Adjusting Entries:8.Wages earned but not paid.Debit
95. Credit
101. 9.Prepaid item purchased, partly used.Debit
107. Credit
113. 10.Depreciation on long-term assets.Debit