Consider the recorded transactions below. Debit Credit 1. Accounts Receivable 7,800 Service Revenue 7,800 2. Supplies 2,000 Accounts Payable 2,000 3. Cash 9,600 Accounts Receivable 9,600 4. Advertising Expense 1,000 Cash 1,000 5. Accounts Payable 3,100 Cash 3,100 6. Cash 1,100 Deferred Revenue 1,100 Required: Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions is: Cash, $2,800; Accounts Receivable, $3,600; Supplies, $340; Accounts Payable, $2,900; Deferred Revenue, $240. Service Revenue and Advertising Expense each have a beginning balance of zero.
Consider the recorded transactions below. Debit Credit 1. Accounts Receivable 7,800 Service Revenue 7,800 2. Supplies 2,000 Accounts Payable 2,000 3. Cash 9,600 Accounts Receivable 9,600 4. Advertising Expense 1,000 Cash 1,000 5. Accounts Payable 3,100 Cash 3,100 6. Cash 1,100 Deferred Revenue 1,100 Required: Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions is: Cash, $2,800; Accounts Receivable, $3,600; Supplies, $340; Accounts Payable, $2,900; Deferred Revenue, $240. Service Revenue and Advertising Expense each have a beginning balance of zero.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7QY: The schedule of accounts payable lists each creditors account balance, and the total equals the...
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when asset is debited, it will increase
when asset is credited, it will decrease
when liability is credited, it will increase
when liability is debited, it will decrease
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