Refer to the list of accounting transactions in Comprehension Problem 1–1.
Required: Study the following transactions and identify, by number (1 to 9), the type of transaction. Some transactions may not require an accounting entry.
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Example: |
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1 |
Issued share capital for cash |
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____ |
Paid an account payable |
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____ |
Borrowed money from a bank |
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____ |
Collected an account receivable |
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____ |
Collected a commission on a sale made today |
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____ |
Paid for advertizing in a newspaper |
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____ |
Repaid money borrowed from a bank |
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____ |
Signed a contract to purchase a computer |
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____ |
Received a bill for supplies used during the month |
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____ |
Received a payment of cash in satisfaction of an amount owed by a customer |
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____ |
Sent a bill to a customer for repairs made today |
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____ |
Sold equipment for cash |
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____ |
Purchased a truck on credit, to be paid in six months |
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____ |
Requested payment from a customer of an account receivable that is overdue |
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____ |
Increased employee vacations from four to six weeks |
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____ |
Recorded the amount due to the landlord as rent |
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____ |
Received the monthly telephone answering service bill |
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