Essay Questions
169. Miley Block, Inc. is a building consultant. Shown below are (a) several accounts in her ledger with each account preceded by an identification number, and (b) several transactions completed by Block. Indicate the accounts debited and credited when recording each transaction by placing the proper account identification numbers to the right of each transaction.
1.
Accounts Payable
7.
Telephone Expense
2.
Accounts Receivable
8.
Unearned Revenue
3.
Cash
9.
Common Stock
4.
Consulting Fees Earned
10.
Dividends
5.
Office Supplies
11.
Insurance Expense
6.
Office Supplies Expense
12.
Prepaid Insurance
Debit
Credit
Example:
2
4
Completed consulting work for a client who will pay at a later date.
A.
Received cash in advance from a customer for designing a building
B.
Purchased office supplies on credit.
C.
Paid for the supplies purchased in B
D.
Received the telephone bill of the business and immediately paid it.
E.
Paid for a 3-year insurance policy
170. Drew Castle, Inc. is an insurance appraiser. Shown below are (a) several accounts in his ledger with each account preceded by an identification number, and (b) several transactions completed by Castle. Indicate the accounts debited and credited when recording each transaction by placing the proper account identification numbers to the right of each transaction.
Accounts Payable 8.Office Supplies Expense
Accounts Receivable 9. Prepaid Insurance
Appraisal Fees Earned 10. Salaries Expense
Cash 11. Telephone Expense
Insurance Expense 12. Unearned Appraisal Fees
Office Equipment 13. Common Stock
Office Supplies 14. Dividends
Debit
Credit
Example:
Completed an appraisal for a client who promised to pay at a later date.
2
3
A.
Received cash in advance for appraising a hail damage claim………………………….
B.
Purchased office supplies on credit………
C.
The company paid cash in dividends to the Drew Castle. (sole shareholder)….
D.
Received the telephone bill of the business and immediately paid it…………………….
E.
Paid the salary of the office assistant….
F.
Paid for the supplies purchased in transaction B…………………………..
G.
Completed an appraisal for a client and immediately collected cash for the work done…
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