The following list includes a series of accounts for B- ball Corporation, which has been operating for
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Account No. Account Title Account No. Account Title Accounts Payable Accounts Receivable Cash Common Stock Equipment Income Tax Expense income Tax Payable Note Payable Prepaid Insurance Rent Expense Service Revenue Supplies Supplies Expense 10 4 12 13 Transactions Debit Credit a. Example: Purchased equipment for use in the business: paid 53.8 one-third cash and signed a note payable for the balance b Issued common stock to new investors c. Collected cash for services performed this period. d. Paid cash for rent this period e Performed services this period on credit f Collected cash on accounts receivable for services performed last period. g. Paid cash on accounts payable for expenses incumed last period. h Purchased supplies to be used later, paid cash. . Used some of the supplies for operations. j. Paid three-fourths of the income tax expense for the year, the balance will be paid next year k On the last day of the current period. paid cash for an insur ance policy covering the next two years.
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Related Book For
Fundamentals Of Financial Accounting
ISBN: 9780073527109
3rd Edition
Authors: Fred Phillips, Robert Libby, Patricia A Libby
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