Question

Purchased 18-month insurance policy for cash.Prepaid Insurance 2. Paid weekly payroll. 3. Purchased supplies on account. 4. Received utility bill to be paid at later date Selaries and Wages Expense Prepaid Insurance Supplies Utilities Expense Cash Accounts Payable Utilities Expense Accounts Payable Accounts Payable Cash Utilities Expense Prepaid Insurance salaries and wages Expense ? Utilitics Expensc Accounts Payable Prepaid Insurance Salaries and Weges Expense Supplies Salaries and USlities Expense Utilities Expense Accounts Payable Supplies Debit Debit Prepaid Insurance h Prepaid Insurance Salaries and wages Expense ? Salaries and Wages Expense Accounts Payable Prepaid Insurance Utilities Expense Cash Salaries and Wages Expense Supplies Cash Supplies ar Prepaid Insurance Utilities Expense Salaries and Woges Expense

Answer 1

Answer:

1) Debit Prepaid insurance, Credit Bank

2) Debit wages, credit Bank

3) Debit Supplies Account , Credit Accounts payable

4) Debit Utility account credit Accounts payable

Explanation:

The Question requires that for each of the transaction identify account to be debited and account to be credit.

clear transactions end at the 4th transaction. After the 4th its just terms and accounts