Check my w Required For each of the following independent events, identify the a

Question

Check my w Required For each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are identified as an example. a. Received cash by issuing common stock. b. Received cash for services to be performed in the future. c. Paid salaries payable. d. Provided services on account. e. Paid cash for operating expenses. f. Purchased supplies on account. g. Recognized revenue for services completed. Cash had been collected in Event b h Recognized accrued salaries expense. L. Recognized expense for supplies used during the period. J. Performed services for cash. k. Paid accounts payable. . Received cash in payment of accounts receivable. m. Paid a cash dividend to the stockholders Cash Common stock revenue pplies Accounts payable Service revenue Cash Accounts receivable

Explanation / Answer

Event Account Debited Account Credited a Received cash by issuing common Stock Cash Common Stock b Received cash for services to be performed in future Cash Unearned revenue c paid salaries payable Salaries payable Cash d Provided services on account Accounts receivable Service revenue e Paid cash for operating expense Operating expense Cash f Purchased supplies on account Supplies Accounts payable g Recognized revenue for services completed. Cash has been received in the event b. Unearned revenue Service revenue h Recognized accrued salaries expenses Salaries Expense Salaries payable i Recognized expenses for supplies used during the period Supplies expenes Supplies j Performed services for cash Cash Service revenue k Paid accounts payable Accounts payable Cash l Received cash in payment of accounts receivable Cash Accounts receivable m paid a cash dividend to the stockholders Dividend Cash

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