Question : 4.For each transaction numbered 1 through 6, identify its effect : 1241813

 

4.For each transaction numbered 1 through 6, identify its effect on the accounting equation by selecting from a through h below. You may use each letter more than once or not at all.

Accounting Equation Effects

a.Debit assets and credit liabilities

b.Debit one asset and credit another asset

c.Debit assets and credit retained earnings/revenue

d.Debit liabilities and credit assets

e.Debit contributed capital and credit assets

f.Debit retained earnings and credit assets

g.Debit assets and credit contributed capital

h.Not communicated by the formal accounting system

____              1.Received cash in exchange for the issue of common stock

____              2.Received cash in exchange for the issue of a note payable

____              3.Purchased building and land in exchange for a mortgage note payable

____              4.Purchased computer equipment for cash

____              5.Purchased computer supplies on account

____              6.Provided computer services to customers for cash

 

1.g2.a3.a4.b5.a6.c

5.For each transaction numbered 1 through 5 below, identify the effect (a through h) on the accounting equation by placing the letter of the effect in the space provided. You may use each letter more than once or not at all.

 

Accounting Equation Effects

a. Debit assets and credit liabilities

b. Debit assets and credit contributed capital

c. Debit assets and credit revenue

d. Debit retained earnings and credit assets

e. Debit contributed capital and credit assets

f.  Debit expenses and credit assets

g. Debit one asset and credit another asset

h. Not communicated by the formal accounting system

 

1.

Received payment from a customer for amount owed from a previous accounting period

2.

Provided computer services to customers on account

3.

Used supplies in the regular operations of the business

4.

Used up part of the service potential of the computer equipment

5.

Hired a new office manager to start to work next week

1.g2.c3.f4.f5.h

6.The accounts for Jalisa Company are listed below, identified by number. Following the list of accounts is a series of adjusting entries (a through f) prepared by Jalisa Company. For each entry, identify the number(s) of the accounts to be debited and credited and place them in the space provided adjacent to each adjusting entry.

 

Accounts

1.    Cash

11.  Notes Payable

2.    Accounts Receivable

12.  Common Stock

3.    Prepaid Rent

13.  Retained Earnings

4.    Office Supplies

14.  Service Revenue

5.    Automobiles

15.  Office Supplies Expense

6.    Accumulated Depreciation

16.  Utilities Expense

7.    Accounts Payable

17.  Salaries and Wages Expense

8.    Interest Payable

18.  Depreciation Expense

9.    Salaries and Wages Payable

19.  Interest Expense

10.  Income Tax Payable

20.  Income Tax Expense

 

Adjusting Entries

Debit

Credit

a. Provided legal services to clients that will pay next month

 

 

b. Accrued wages earned by employees that will be paid next month

 

 

c. Recognized office supplies used during the month

 

 

d. Recorded the current month of depreciation expense

 

 

e. Recorded monthly utilities expenses which are not yet paid

 

 

f.  Recognized the amount of interest due to the bank on a note

 

 

 

 

 

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