Chapter 2 Learning Objective 4
Terms in this set (16)
Transferred cash from a personal bank account to an account to be used for the business, $25,000.
Cash (debit side) Capital (credit side)
Paid July rent for office and workroom, $2,750.
Cash (credit side) Rent expense (debit side)
Purchased equipment for $30,000, paying $4,000 cash and placing the balance on account
Cash (4000 on credit side) Equipment (30000 on debit side) Accounts Payable (26000 on credit side)
Purchased office and computer equipment on account, $9,000.
Equipment (debit side) Account Payable (credit side)
Paid cash for supplies, $1,600.
Cash (credit side) Supplies (debit side)
Paid cash for annual insurance policies, $2,400
Cash (credit side) Prepaid insurance (debit side)
Received cash from client for plans delivered, $11,150.
Cash (debit side) Professional Fees (credit side)
Paid cash for miscellaneous expenses, $300.
Cash (credit side) Misc Expense (debit side)
Paid cash to creditors on account, $3,500.
Cash (credit side) Accounts Payable (debit side)
Paid installment due on account payable, $550.
Cash (credit side) Accounts payable (debit side)
Recorded fee earned on plans delivered, payment to be received in August, $17,300.
Professional fees (credit side) Accounts receivable (debit side)
Paid wages of assistant, $2,200.
Cash (credit side) Wages expense (debit side)
Paid the electric bill for July, $815.
Cash (credit side) Utilities expense (debit side)
Received payment of $2,500 from a client to apply against the amount billed to them in a previous transaction
Accounts Receivable (credit side) Cash (debit side)
Owner withdrew cash for personal use $500
Cash (credit side) Drawing account (debit side)
The owner invested her personal computer with a fair market value of $5,200 in the business
Capital account (credit side) Equipment (debit side)
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