Prepare a journal entry for the purchase of a truck on May 24 for $56,900, paying $4,000 cash and the remainder on account. May 24 Truck 56,900 Cash 4,000 Accounts 52,900 Payable Prepare a journal on September 15 for the fees earned on account, $35,600. Sept 15 Accounts 35,600 Receivable Fees Earned 35,600 Prepare a journal on February 27 for the payment of $5,000 for dividends from Laborstaff Counseling Services. Feb 27 Dividends 5,000 Cash 5,000 State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate the normal balance of each account. 1. Fees Earned 4. Supplies 2. Utilities Expense 5. Cash 3. Accounts Payable 6. Accounts Receivable 1. Credit entries only, normal credit balance 2. Debit entries only, normal debit balance 3. Both debit and credit entries, normal credit balance 4. Both debit and credit entries, normal debit balance 5. Both debit and credit entries, normal debit balance 6. Both debit and credit entries, normal debit balance
Prepare a journal entry for the purchase of a truck on May 24 for $56,900, paying $4,000 cash and the remainder on account. May 24 Truck 56,900 Cash 4,000 Accounts Payable 52,900 Prepare a journal on September 15 for the fees earned on account, $35,600. Sept 15 Accounts Receivable 35,600 Fees Earned 35,600 Prepare a journal on February 27 for the payment of $5,000 for dividends from Laborstaff Counseling Services. Feb 27 Dividends 5,000 Cash 5,000 State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate the normal balance of each account. 1. Fees Earned 4. Supplies 2. Utilities Expense 5. Cash 3. Accounts Payable 6. Accounts Receivable 1. Credit entries only, normal credit balance 2. Debit entries only, normal debit balance 3. Both debit and credit entries, normal credit balance 4. Both debit and credit entries, normal debit balance 5. Both debit and credit entries, normal debit balance 6. Both debit and credit entries, normal debit balance
Test-Bank-Corporate-Financial-Accounting-10th-Edition-Warren.docx