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Unformatted text preview: Date Account Debit Credit Office supplies expense $50 Cash $50 Acme paid a supplier/vendor $100 for merchandise it previously purchased on credit basis Date Account Debit Credit Accounts payable $100 Cash $100 Acme paid back $200,000 of loan principle Date Account Debit Credit Notes payable $200,000 Cash $200,000 Acme incurred and paid $3,000 of wage expenses and $400 of utilities expenses Date Account Debit Credit Wages expense $3,000 Utilities expense $ 400 Cash $3,400 Acme $2,000 for next months office rent Date Account Debit Credit Prepaid rent $2,000 Cash $2,000 Acme purchased $50,000 of office furniture (a fixed asset) on a credit basis Date Account Debit Credit Office furniture $50,000 Accounts payable $50,000 Acme provided $18,000 of consulting services to a customer on a credit basis Date Account Debit Credit Accounts receivable $18,000 Revenue $18,000...
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This note was uploaded on 03/31/2011 for the course ACCT 3391 taught by Professor Turpin during the Spring '10 term at Troy.
- Spring '10