EB15 35 Discuss how each of the following transactions will affect assets

Eb15 35 discuss how each of the following

This preview shows page 80 - 82 out of 95 pages.

EB15. 3.5 Discuss how each of the following transactions will affect assets, liabilities, and stockholders’ equity, and prove the company’s accounts will still be in balance. A. A company purchased $450 worth of office supplies on credit. B. The company parking lot was plowed after a blizzard. A check for $75 was given to the plow truck operator. C. $250 was paid on account. D. A customer paid $350 on account. E. Provided services for a customer, $500. The customer asked to be billed. EB16. 3.5 For each of the following items, indicate whether a debit or a credit applies. A. increase in retained earnings B. decrease in prepaid rent C. increase in dividends D. decrease in salaries payable E. increase in accounts receivable F. decrease in common stock G. decrease in prepaid insurance H. decrease in advertising expense I. decrease in unearned service fees J. increase in office equipment EB17. 3.5 Indicate whether each of the following accounts has a normal debit or credit balance. A. prepaid landscaping expense B. common stock C. delivery vans D. maintenance expense E. retained earnings F. office supplies G. revenue earned H. accounts payable I. unearned painting revenue J. interest payable 194 Chapter 3 Analyzing and Recording Transactions This OpenStax book is available for free at
EB18. 3.5 Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A.received customer payments of $965B.supplies purchased on account $435C.services worth $850 performed, 25% is paid in cash the rest will be billedD.corporation pays $275 for an ad in the newspaperE.bill is received for electricity used $235.F.dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?EB19.3.5A business has the following transactions: How much total revenue does the company have?EB20.3.5Prepare journal entries to record the following transactions. EB21. 3.5

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture