1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kompoz [17]
3 years ago
13

Issued a check for $1,010 to pay the monthly rent. Issued a $1,300 check to pay a creditor on account. Purchased new equipment f

or $390 and paid $110 immediately by check with the remainder due in 30 days. Provided services on credit in the amount of $860. Performed services for cash in the amount of $1,320. The owner made an additional investment of $5,600 in cash and $1,050 in equipment. Purchased $190 worth of supplies on credit. Sent a $105 check to the utility company to pay the monthly bill. Collected $650 from credit customers. Determine the accounts and amounts to be debited and credited for the above transactions for Folk Furniture Repair.
Business
1 answer:
kodGreya [7K]3 years ago
7 0

Answer:

Issued a check for $1,010 to pay the monthly rent

Account                         Debit          Credit

Rent Expense               $1,010

Bank                                                  $1,1010

Issued a $1,300 check to pay a creditor on account.

Account                         Debit          Credit

Creditor                        $1,300

Bank                                                  $1,300

Purchased new equipment for $390 and paid $110 immediately by check with the remainder due in 30 days.

Account                         Debit          Credit

Equipment                    $390

Bank                                                  $110

Accounts Payable                            $280

Provided services on credit in the amount of $860.          

Account                         Debit          Credit

Service Revenue                              $860

Accounts Receivable    $860

Performed services for cash in the amount of $1,320.

Account                         Debit          Credit

Service Revenue                              $1,320

Cash                              $1,320

The owner made an additional investment of $5,600 in cash and $1,050 in equipment.

Account                         Debit          Credit

Cash                              $5,600

Equipment                    $1,050

Capital                                              $6,650    

Purchased $190 worth of supplies on credit.  

Account                         Debit          Credit

Supplies                         $190

Accounts Payable                            $190

Sent a $105 check to the utility company to pay the monthly bill.

Account                         Debit          Credit

Utilities Expense           $105

Bank                                                  $105

Collected $650 from credit customers.

Account                         Debit          Credit

Cash                              $650

Accounts Receivable                       $650                                            

   

You might be interested in
The Berne Conventions provides for international protection of copyrights.<br><br> True<br> False
kolezko [41]
False thank me later guys :)
8 0
2 years ago
ACCOUNTING:
Oksana_A [137]

Explanation:

why is this so much who assigned you this

3 0
3 years ago
Much of the supply of ________________ is from china and india where chemical manufacturers have less government oversight.
Eva8 [605]
The answer in the space provided is 'coming from'. It is because the countries like China and India has government which has less over sight which enables them to transport goods from chemical manufacturers because of their government that are not that strict in terms of transporting goods to other countries compared to others countries that have more over sight and are more strict.
7 0
3 years ago
Macrocconomics simply focuses on the annual performance of a particular national economy and ignores it interactions with other
LekaFEV [45]
I would go with A if not B
3 0
3 years ago
18) 20 points Steve's Hardware Store uses the perpetual inventory system. The business incurred the following transactions: A. O
andrey2020 [161]
The first one is the right answer
7 0
3 years ago
Other questions:
  • A tax on the total value of the money and property of a person who has died
    12·1 answer
  • Maddie's shoe store donated hundreds of pairs of shoes to needy children at an inner city school. A news crew reported on the do
    5·1 answer
  • What can I do to make money with no money and no credit?
    9·2 answers
  • Written evidence of the ownership of a piece of property
    11·1 answer
  • What Is NOT one of the three primary resources that farnilies have to reach financlal goals?
    12·2 answers
  • Southwest U's campus book store sells course packs for $15 each, the variable cost per pack is $10, fixed costs to produce the p
    11·1 answer
  • Use the following selected date and additional information from the records of Hitchcock Corporation to answer the question that
    15·1 answer
  • Imagine a hypothetical economy with a population of 100 people, 80 of which over sixteen. Forty eight of these people who are wo
    11·1 answer
  • Listed below are five procedures followed by Eikenberry Company.
    7·1 answer
  • Which of the following is the best example of a service
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!