Some of the ledger accounts for the Sanderson Hardware Company are listed below. For each of the October 2021 transactions numbered 1 through 10 below, indicate by account name which accounts should be debited and which should be credited when preparing journal entries. The company uses the perpetual inventory system. Assume that appropriate adjusting entries were recorded at the end of September.
Accounts payable Equipment Inventory
Accounts receivable Cash Supplies
Supplies expense Prepaid rent Sales revenue
Retained earnings Notes payable Common stock
Deferred sales revenue Rent expense Salaries payable
Cost of goods sold Salaries expense Interest expense
Accound debited Accound credited
1. Paid a cash dividend.
2. Paid rent for the next three months.
3. Sold goods to customers on account.
4. Purchased inventory on account.
5. Purchased supplies for cash.
6. Paid employees wages for September.
7. Issued common stock in exchange for cash.
8. Collected cash from customers for goods sold in 3.
9. Borrowed cash from a bank and signed a note.
10. At the end of October, recorded the amount of supplies that had been used during the month.
11. Received cash for advance payment from customer.
12. Accrued employee wages for October.
Solved
Show answers
More tips
- S Style and Beauty Autotanning: Harmful or Safe?...
- A Art and Culture The History and Characteristics of Jazz Bands: A Deep Dive...
- F Food and Cooking From Latte to Espresso: Which Coffee Drink is the Most Popular on Earth?...
- C Computers and Internet How to Set Up Internet on iPhone? Detailed Guide with Step-by-Step Instructions...
- F Family and Home How to Teach Your Child to Speak: Tips and Recommendations...
- P Philosophy Agnosticism: Opinion or Belief?...
- S Style and Beauty How to choose the best mascara for your eyelashes...
- F Food and Cooking Discover Delicious Recipes You Can Make with Ground Meat...
- C Computers and Internet Google Search Tips and Tricks: Everything You Need to Know...
- S Science and Technology Why is there no gravity on other planets?...
Answers on questions: Business
- B Business A big mining company wants to open a mine . The social costs are greater than the social benefits. Should the company carry on with this project or not?...
- B Business Assume that Jones Company made a payment on a mortgage. It included $100 of principal and $150 of interest. What would the journal entry be to record the payment?...
- B Business Which of the following would not be part of an investment portfolio? a. commodities funds b. a savings 529 plan c. a savings account d. equity investments in a company...
- B Business Which type of investment income happens when an investor sells ownership in an equity investment that s gained value? a. dividends b. interest c. equity gains d. capital gains...
- B Business How come my solitaire on my phone has a different vegas scoring system than on my computer?...
- B Business Saekano: how to raise a boring girlfriend...
- B Business Was the tea act a direct or indirect tax...
- B Business Toll-free hotlines that companies set up to give employees a place to report misconduct are associated with which aspect of ethics programs?...
- B Business True or false fdr was eager to use deficit spending to end the economic crisis....
- B Business Total cost can be divided into two types of costs:...
Ответ:
1. Paid a cash dividend.
Account Debited: Retained earnings
Account Credited: Cash
2. Paid rent for the next three months.
Account Debited: Prepaid rent
Account Credited: Cash
3. Sold goods to customers on account.
Account Debited: Account receivables
Account Credited: Sales revenue
4. Purchased inventory on account.
Account Debited: Inventory
Account Credited: Accounts payable
5. Purchased supplies for cash.
Account Debited: Supplies
Account Credited: Cash
6. Paid employees wages for September.
Account Debited: Wages payable
Account Credited: Cash
7. Issued common stock in exchange for cash.
Account Debited: Cash
Account Credited: Common stock
8. Collected cash from customers for goods sold in 3.
Account Debited: Cash
Account Credited: Account receivables
9. Borrowed cash from a bank and signed a note.
Account Debited: Cash
Account Credited: Notes payables
10. At the end of October, recorded the amount of supplies that had been used during the month.
Account Debited: Supplies expenses
Account Credited: Supplies
11. Received cash for advance payment from customer.
Account Debited: Cash
Account Credited: Unearned revenue
12. Accrued employee wages for October.
Account Debited: Wages expenses
Account Credited: Wages payable
Ответ:
A Duty is a responsibility that can exist because of moral or legal obligations. You're required to do those. A citizen's responsibility is something that is expected from you to do in order to help improving the society, but it is not mandatory. Voting and defending the constitution are a citizen's responsibility, but not voting and arguing against the constitution are also a citizen's rights.