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(Solution) - Refer to the list of accounting transactions in Comprehension Problem

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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.
Example:
__ 1_ __ Issued share capital for cash
__ _ __Paid an account payable
__ _ __Borrowed money from a bank
__ _ __Collected an account receivable
__ _ __Collected a commission on a sale made today
__ _ __Paid for advertizing in a newspaper
__ _ __Repaid money borrowed from a bank
__ _ __Signed a contract to purchase a computer
__ _ __Received a bill for supplies used during the month
__ _ __Received a payment of cash in satisfaction of an amount owed by a customer
__ _ __Sent a bill to a customer for repairs made today
__ _ __Sold equipment for cash
__ _ __Purchased a truck on credit, to be paid in six months
__ _ __Requested payment from a customer of an account receivable that is overdue
__ _ __Increased employee vacations from four to six weeks
__ _ __Recorded the amount due to the landlord as rent
__ _ __Received the monthly telephone answering service bill

 







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This question was answered on: Jul 11, 2017

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