Problem 4-5 key - Chapter 5 1 CHAPTER 4 THE MECHANICS OF...

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Chapter 5 1 CHAPTER 4 THE MECHANICS OF FINANCIAL ACCOUNTING PROBLEM 4-5 KEY (1) Wage Expense (E, -SE). .................................................... 5 Cash (-A). ...................................................................... 5 Paid employee wages. (2) Cash (+A). .......................................................................... 10 Accounts Receivable (–A). ............................................ 10 Collected cash from customers on account . (3) Equipment (+A). ................................................................. 5 Cash (–A). ..................................................................... 5 Purchased Equipment. (4) Supplies (+A). .................................................................... 2 Cash (-A). ...................................................................... 2 Purchased Supplies. (5) Accounts Payable (–L). ...................................................... 3 Cash (–A). ..................................................................... 3 Paid Cash to suppliers. (6) Interest Payable (–L). ......................................................... 3 Cash (–A). ..................................................................... 3 Paid interest accrued in previous period. (7) Cash (+A). .......................................................................... 9 Accounts Receivable (+A). ................................................ 9 Sales (R, +SE). ............................................................. 18 Rendered services. (8) Long-term Note Payable (-L).
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This note was uploaded on 09/26/2010 for the course BUSINESS ACG 6025 taught by Professor Karenlivingstone during the Fall '10 term at University of South Florida - Tampa.

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Problem 4-5 key - Chapter 5 1 CHAPTER 4 THE MECHANICS OF...

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