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    vxBjICCrQ7eQYyAgq0O3cg - Debit Credit Rules Activity

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    Alok Patil
    1) The document provides instructions to complete 10 transactions in T accounts and calculate the ending balances for each account. 2) The transactions include investing cash in the company in exchange for stock, purchasing office furniture on credit, prepaying rent, paying creditors and expenses in both cash and on account, receiving cash from customers, and paying dividends to stockholders. 3) Learners are to record the debits and credits for each transaction in the appropriate T accounts to calculate the ending balances.

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    vxBjICCrQ7eQYyAgq0O3cg - Debit Credit Rules Activity

    Uploaded by

    Alok Patil
    302 views1 page
    1) The document provides instructions to complete 10 transactions in T accounts and calculate the ending balances for each account. 2) The transactions include investing cash in the company in exchange for stock, purchasing office furniture on credit, prepaying rent, paying creditors and expenses in both cash and on account, receiving cash from customers, and paying dividends to stockholders. 3) Learners are to record the debits and credits for each transaction in the appropriate T accounts to calculate the ending balances.

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    1) The document provides instructions to complete 10 transactions in T accounts and calculate the ending balances for each account. 2) The transactions include investing cash in the company in exchange for stock, purchasing office furniture on credit, prepaying rent, paying creditors and expenses in both cash and on account, receiving cash from customers, and paying dividends to stockholders. 3) Learners are to record the debits and credits for each transaction in the appropriate T accounts to calculate the ending balances.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    302 views1 page

    vxBjICCrQ7eQYyAgq0O3cg - Debit Credit Rules Activity

    Uploaded by

    Alok Patil
    1) The document provides instructions to complete 10 transactions in T accounts and calculate the ending balances for each account. 2) The transactions include investing cash in the company in exchange for stock, purchasing office furniture on credit, prepaying rent, paying creditors and expenses in both cash and on account, receiving cash from customers, and paying dividends to stockholders. 3) Learners are to record the debits and credits for each transaction in the appropriate T accounts to calculate the ending balances.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 1

    Introduction to Financial Accounting

    Course 1: What is Financial Accounting? 


    Module 4: Analyzing Transactions using the Debit & Credit Rules

    ACTIVITY

    Complete the following transactions in T accounts then calculate the ending balances for each account.

    Transactions for November 2022

    1. Cash of $12,000 is invested in Abracadabra Company by investors in exchange for common stock
    2. Purchased office furniture for $2,000 on credit
    3. Paid for two months rent in advance for $4,000
    4. Paid $1,500 in cash to creditors
    5. Performed services for $6,600 on account
    6. Performed services for $3,500 for cash
    7. Paid $860 for telephone expense
    8. Received $6,250 in cash from credit clients
    9. Paid $1,150 for advertising expense
    10. The company paid a $750 dividend to stockholders

    CASH (A) ACCOUNTS PAYABLE (L) COMMON STOCK (E)


    DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
    1) 12,000 12,000 1)

    SERVICE REVENUE (REV)


    DEBIT CREDIT

    ACCOUNTS RECEIVABLE (A)


    DEBIT CREDIT
    TELEPHONE EXPENSE (EXP)
    DEBIT CREDIT

    PREPAID RENT (A)


    DEBIT CREDIT
    ADVERTISING EXPENSE (EXP)
    DEBIT CREDIT

    OFFICE FURNITURE (A)


    DEBIT CREDIT
    DIVIDENDS (E)
    DEBIT CREDIT

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