Question : Short Answer Questions 85.Read each of the following transactions. Determine the : 1220509

Short Answer Questions

85.Read each of the following transactions. Determine the accounts to be debited and credited.CashAccounts ReceivableOffice EquipmentOffice SuppliesAccounts PayableBrandon Phipps, CapitalBrandon Phipps, DrawingFees IncomeRent ExpenseSalaries ExpenseUtilities ExpensePerformed services for cash  

86.Read each of the following transactions. Determine the accounts to be debited and credited.CashAccounts ReceivableOffice EquipmentOffice SuppliesAccounts PayableBrandon Phipps, CapitalBrandon Phipps, DrawingFees IncomeRent ExpenseSalaries ExpenseUtilities ExpensePurchased office equipment on credit  

87.Read each of the following transactions. Determine the accounts to be debited and credited.CashAccounts ReceivableOffice EquipmentOffice SuppliesAccounts PayableBrandon Phipps, CapitalBrandon Phipps, DrawingFees IncomeRent ExpenseSalaries ExpenseUtilities ExpenseReceived cash from credit customers  

88.Read each of the following transactions. Determine the accounts to be debited and credited.CashAccounts ReceivableOffice EquipmentOffice SuppliesAccounts PayableBrandon Phipps, CapitalBrandon Phipps, DrawingFees IncomeRent ExpenseSalaries ExpenseUtilities ExpenseIssued a check to a creditor  

89.Read each of the following transactions. Determine the accounts to be debited and credited.CashAccounts ReceivableOffice EquipmentOffice SuppliesAccounts PayableBrandon Phipps, CapitalBrandon Phipps, DrawingFees IncomeRent ExpenseSalaries ExpenseUtilities ExpensePerformed services on credit  

90.Read each of the following transactions. Determine the accounts to be debited and credited.CashAccounts ReceivableOffice EquipmentOffice SuppliesAccounts PayableBrandon Phipps, CapitalBrandon Phipps, DrawingFees IncomeRent ExpenseSalaries ExpenseUtilities ExpenseReceived a credit for damaged office equipment that was returned  

91.Read each of the following transactions. Determine the accounts to be debited and credited.CashAccounts ReceivableOffice EquipmentOffice SuppliesAccounts PayableBrandon Phipps, CapitalBrandon Phipps, DrawingFees IncomeRent ExpenseSalaries ExpenseUtilities ExpenseIssued checks to pay salaries  

92.The consulting firm of Martin and Associates uses the accounts listed below. On a separate sheet of paper, set up T accounts for each of the accounts listed and record the balances on the normal balance side of the accounts.  The firm has the following transactions during the month of December 2016. Record the effects of these transactions in the T accounts.a. Paid $1,300 for one month’s rentb. Collected $5,600 in cash from credit customersc. Performed services for $7,500 in cashd. Paid $4,800 for salariese. Issued a check for $3,400 to a creditorf. Performed services for $10,200 on creditg. Purchased office equipment for $1,800 on credith. The owner withdrew $3,500 in cash for personal expensesi. Issued a check for $650 to pay the monthly utility billDetermine the account balances after the transactions have been recorded Prepare a trial balance as of December 31, 2016.  

93.The account balances from the December 31, 2016, trial balance for Haman Accounting Services are shown below. Prepare an income statement, a statement of owner’s equity, and a balance sheet for the month ended December 31, 2016.    

94.The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below.  The following transactions occurred during the month of November.a. Collected $350 from credit customersb. Issued a check for $700 for rentc. Paid $1,900 for salariesd. The owner withdrew $500 in cash for personal expensese. Issued a check for $200 to pay the monthly utility billf. Received $2,845 in cash for services performedg. Purchased office equipment for $1,350 on creditUsing the information shown, set up T accounts for all accounts. Determine the balance for each account after all transactions have been recorded.