General ledger advertising expense dr acct no 505 cr

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Intermediate Algebra Within Reach
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Chapter 3 / Exercise 66
Intermediate Algebra Within Reach
Larson
Expert Verified
General LedgerAdvertising Expense(Dr.)Acct. No. 505(Cr)2010Dec.2450(Dr.)Accounts PayableAcct. No. 200(Cr.)20102010Dec.171,400Dec. 41,400Dec. 2450Effects of transactionAn expense, advertising expense, increases (debited); and a liability, accounts payable,increases (credited) by USD 50. The reason for debiting an expense rather than an asset isbecause all the cost pertains to the current accounting period, the month of December.Otherwise, Prepaid Advertising (an asset) would have been debited.Transaction 11: Dec. 26 Received $500 on accounts receivable from a customer.General Journal
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Intermediate Algebra Within Reach
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Chapter 3 / Exercise 66
Intermediate Algebra Within Reach
Larson
Expert Verified
DateAccount Titles and ExplanationPost. Ref.DebitCredit2010 Dec.26Cash (+A)10050 0Accounts Receivable (-A)10350 0Received $500 from a customer on accounts receivableGeneral Ledger Cash(Dr.) Acct. No. 100 (Cr)20102010Dec. 1 Beg Bal. 50,000Dec. 1 40,000Dec. 7 4,500Dec. 1 2,400Dec. 15 5,000Dec. 1 1,200Dec. 26 500AccountsDec. 17 1,400Receivable(Dr.) Acct. No. 103 (Cr.)20102010Dec. 20 5,700Dec. 26 500Effects of transactionOne asset, cash, increases (debited); and another asset, accounts receivable, decreases(credited) by USD 500.Transaction 12: Dec. 28 Paid salaries of $3,600 to training personnel for the first four weeks of December.(Payroll and other deductions are to be ignored since they have not yet been discussed.)General JournalDateAccount Titles and ExplanationPost. Ref.DebitCredit2010 Dec.28Salaries Expense (-SE)507360 0Cash (-A)100360 0Paid training personnel salaries for the first four weeks ofDecember.General LedgerSalaries Expense(Dr.)Acct. No. 507(Cr)2010Dec.283,600Cash(Dr.)Acct. No. 100(Cr.)20102010Dec.150,000Dec. 140,000Dec.74,500Dec. 12,400Dec.155,000Dec. 11,200Dec.26500Dec. 171,400Dec. 283,600Effects of transactionAn expense, salaries expense, increases (debited); and an asset, cash, decreases(credited) by USD 3,600.Transaction 13: Dec. 29 Received and paid the utilities bill for December, $150.General JournalDateAccount Titles and ExplanationPost. Ref.DebitCredit
2010 Dec.29Utilities Expense (-SE)51115 0Cash (+A)10015 0Paid the utilities bill for December.General LedgerUtilities Expense(Dr.)Acct. No. 511(Cr)2010Dec.29150Cash(Dr.)Acct. No. 100(Cr.)20102010Dec.150,000Dec.140,000Dec.74,500Dec.12,400Dec.155,000Dec.11,200Dec.26500Dec.171,400Dec.283,600Dec. 29150Effects of transactionAn expense, utilities expense, increases (debited); and an asset, cash, decreases(credited) by USD 150.Transaction 14: Dec. 30 Received a bill for gas and oil used in the trucks for December, $680.General JournalDateAccount Titles and ExplanationPost. Ref.DebitCredit2010 Dec.30Gas and Oil Expense (-SE)50668 0Accounts Payable (+L)20068 0Received a bill for gas and oil used in the trucks forDecember.General LedgerGas and Oil Expense(Dr.)Acct. No. 506(Cr)2010Dec.30680Accounts Payable(Dr.)Acct. No. 200(Cr.)20102010
Dec.171,400Dec. 41,400Dec.2450Dec. 30680Effects of transactionAn expense, gas and oil expense, increases (debited); and a liability, accounts payable,increases (credited) by USD 680.

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