Question

In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions:

1. Acquired cash from the issue of common stock.
2. Provided services for cash.
3. Paid cash for salaries expense.
4. Purchased supplies for cash.
5. Paid in advance for two-year lease on office space.
6. Provided services on account.
7. Recognized expense for prepaid rent that had been used up by the end of the accounting period.
8. Recorded accrued salaries at the end of the accounting period.

Answer 1

The list of the  accounts that would be debited and credited for each of the following unrelated transaction should be shown below:

1.  cash = account debited, common stock = account credited

2.  cash = account debited , service revenue = account credited

3.salaries expense = account debited, cash= account credited

4. supplies = account debited, cash= account credited

5. prepaid rent = account debited, cash = account credited

6. Account receivable = account debited,  service revenue= account credited

7.  Rent expense = account debited,  prepaid rent= account credited

8. Salaries expense = account debited, salaries payable

= account credited

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