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3 years ago

The following events apply to Kate Enterprises:______.

Business

1 answer:

kotegsom [21]3 years ago

4 0

Answer:

Kate Enterprises

Event No. Type of Event Account Debited Account Credited

1 AS Cash Common Stock

2. AS Cash Service Revenue

3. AU Salaries Expense Cash

4. AE Prepaid Rent Cash

5. AU Other operating exp. Cash

6. AU Accounts payable Cash

7. AU Utilities Expense Cash

8. AS Accounts Receivable Service Revenue

9. AU Dividends Cash

10. AS Supplies Accounts Payable

11. AS Cash Service Revenue

12. AE Salaries Expense Salaries Payable

13. AE Rent Expense Rent Payable

14. AE Unearned revenue Earned Revenue

Explanation:

Asset source (AS) = increases an asset and a claim on the asset

Asset use (AU) = decreases an asset and a claim on the asset

Asset exchange (AE) = does not change the value of assets or claims

Claims exchange (CE) = decreases one claim account and decreases another.

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