Taylor Plumbing Company had the following transactions for June. June 1 Paid $517 for rent for the
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Taylor Plumbing Company had the following transactions for June.
June 1 | Paid $517 for rent for the month of June. | |
2 | Paid $168 for one month of insurance. | |
5 | Collected $1,179 for plumbing services provided. | |
9 | Provided Charles Wilson, a potential customer, with an estimate of $4,700 for plumbing work that will be performed in July if the customer hires Taylor Plumbing. | |
14 | Paid $638 for supplies purchased on account in May. The purchase in May had been correctly recorded. | |
17 | Billed Richard Moore $1,332 for plumbing work performed. | |
19 | Charles Wilson agreed to hire Taylor Plumbing (see the June 9 transaction) and gave Taylor Plumbing a down payment of $940. | |
29 | Purchased $1,484 of equipment on account. | |
30 | Paid an employee $799. | |
30 | Paid D. Taylor, the company owner, $1,175. |
(a1)
For each transaction, prepare a basic analysis and a debit/credit analysis. Increases and decreases are for the specific account. (If no entry is required, select "No Entry" for the specific accounts and enter 0 for the amounts, leave other fields blank.)
Date | Basic Type | Increase/Decrease | Specific Account | Amount | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
June 1 | Debit | select the basic type of account AssetOwner's EquityExpenseRevenueLiability | select an effect IncreasesDecreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | ||||||
Credit | select the basic type of account LiabilityOwner's EquityExpenseAssetRevenue | select an effect DecreasesIncreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | |||||||
2 | Debit | select the basic type of account RevenueAssetOwner's EquityExpenseLiability | select an effect IncreasesDecreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | ||||||
Credit | select the basic type of account LiabilityAssetExpenseOwner's EquityRevenue | select an effect DecreasesIncreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | |||||||
5 | Debit | select the basic type of account LiabilityOwner's EquityAssetExpenseRevenue | select an effect DecreasesIncreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | ||||||
Credit | select the basic type of account AssetExpenseOwner's EquityRevenueLiability | select an effect DecreasesIncreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | |||||||
9 | Debit | select the basic type of account ExpenseAssetLiabilityRevenueOwner's Equity | select an effect IncreasesDecreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | ||||||
Credit | select the basic type of account ExpenseOwner's EquityRevenueAssetLiability | select an effect DecreasesIncreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | |||||||
14 | Debit | select the basic type of account RevenueLiabilityAssetOwner's EquityExpense | select an effect DecreasesIncreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | ||||||
Credit | select the basic type of account LiabilityOwner's EquityExpenseAssetRevenue | select an effect DecreasesIncreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | |||||||
17 | Debit | select the basic type of account ExpenseOwner's EquityLiabilityAssetRevenue | select an effect DecreasesIncreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | ||||||
Credit | select the basic type of account AssetLiabilityExpenseOwner's EquityRevenue | select an effect IncreasesDecreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | |||||||
19 | Debit | select the basic type of account AssetOwner's EquityLiabilityExpenseRevenue | select an effect IncreasesDecreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | ||||||
Credit | select the basic type of account Owner's EquityRevenueAssetExpenseLiability | select an effect DecreasesIncreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | |||||||
29 | Debit | select the basic type of account RevenueExpenseAssetOwner's EquityLiability | select an effect IncreasesDecreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | ||||||
Credit | select the basic type of account ExpenseRevenueOwner's EquityLiabilityAsset | select an effect DecreasesIncreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | |||||||
30 | Debit | select the basic type of account Owner's EquityRevenueExpenseLiabilityAsset | select an effect DecreasesIncreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | ||||||
Credit | select the basic type of account Owner's EquityLiabilityAssetExpenseRevenue | select an effect IncreasesDecreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | |||||||
30 | Debit | select the basic type of account Owner's EquityLiabilityAssetRevenueExpense | select an effect IncreasesDecreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount | ||||||
Credit | select the basic type of account AssetExpenseRevenueLiabilityOwner's Equity | select an effect IncreasesDecreases | select a specific account Accounts PayableAccounts ReceivableAdvertising ExpenseCashD. Taylor, CapitalD. Taylor, DrawingsEquipmentInsurance ExpenseNo EntryNotes PayablePrepaid InsuranceRent ExpenseSalaries ExpenseService RevenueSuppliesUnearned RevenueUtilities ExpenseVehicles | $enter a dollar amount |
Related Book For
Accounting Principles Part 1
ISBN: 978-1118306789
6th Canadian edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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