The following is a series of accounts for Kruger & Laurenzo, Incorporated, which has been operating for
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Account No. Account Title Account No. Account Title Cash Accounts Receivable Supplies Prepaid Expenses Buildings Land Accounts Payable Mortgage Payable Wages Payable Income Taxes Payable Common Stock Additional Paid-in Capital Retained Earnings Service Revenue Other Expenses (wages, supplies, interest) Income Tax Expense 10 12 13 14 15 16 Transactions Debit Credit 11. 12 a. Example: Issued stock to new investors. b. Incurred and recorded operating expenses on credit to be paid next period c. Purchased on credit but did not use supplies this period d. Performed services for customers this period on credit. e. Prepaid a fire insurance policy this period to cover the next 12 months. f Purchased a building this period by making a 20 percent cash down payment and signing a mortgage loan for the balance g. Collected cash this year for services rendered and recorded in the prior year h. Collected cash for services rendered this period i. Paid cash this period for wages earned and recorded last period j. Paid cash for operating expenses charged on accounts payable in the prior period k. Paid cash for operating expenses incurred in the current period I. Made a payment on the mortgage loan, which was part principal repayment and part interest. m. This period a shareholder sold some shares of her stock to another person for an amount above the original issuance price. n. Used supplies on hand to clean the offices. o. Recorded income taxes for this period to be paid at the beginning of the next period p. Declared and paid a cash dividend this period
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Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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