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Required: Record the debit and credit in the appropriate account for each of the following transactions (transaction 1 is done for you):
- Issued share capital for cash
- Purchased equipment on credit
- Paid for a one–year insurance policy
- Billed a customer for repairs completed today
- Paid this month’s rent
- Collected the amount billed in transaction 4 above
- Collected cash for repairs completed today
- Paid for the equipment purchased in transaction 2 above
- Signed a union contract
- Collected cash for repairs to be made for customers next month
- Transferred this month’s portion of prepaid insurance to insurance expense.
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