Brief Exercise 162 For each of the following transactions of Nean Garden, identi

Question

Brief Exercise 162 For each of the following transactions of Nean Garden, identify the account to be debited and the account to be credited Transactions 1. Purchased 18-month insurance pelicy for cash 2. Paid weekly payroll 3. Purchased supplies on account. 4, Received utlity bill to be paid at later date. Brief Exercise 165 Journalize the tollowing transactions for Tanaka Company for June 2016, the company's tirst month of operations. (Credit account titles are automatically indented vhen the amount is entered. Do not indent manually. If no entry is required, select "No Cntry" for the account Litles and enter 0 for the amounts. nmount is 1. Purchased equipment on accnunt for $o,800 2. Eilled customers $5,600 for services performed 3. Made payment of 2,400 o account for equipment purthased earlier in menth 4. Callected $3,900 on custamer accounts. No. Account Titles and Explanation Debit Credit

Explanation / Answer

Answer to exercise 162 :

Transactions Debit Credit

1. Purchased 18-month insurance policy for cash. Prepaid Insurance Cash

2. Paid weekly payroll. Salaries and Wages Expenses Cash

3. Purchased supplies on account. Supplies Accounts Payable

4. Received utility bill to be paid at later date Utilities Expense Accounts Payable

Answer to exercise 165:

No. Account Titles and Explanation Debit Credit

1. Equipment $ 9,800

Accounts Payable $ 9,800

2. Accounts Receivable $ 5,600

Service Revenue $ 5,600

3. Accounts Payable $ 2,400

Cash $ 2,400

4. Cash $ 3,900

Accounts Receivable $ 3,900

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.