Problem C (24 points) Accs con be uad moee thon once Cho -ANALYSIS OF TRANSACTIO

Question

Problem C (24 points) Accs con be uad moee thon once Cho -ANALYSIS OF TRANSACTIONS- INSTRUCTIONs: In the appropriate columns, insert the le the selected transactions described below. tters of the accounts to be debited and credited in recording ACCOUNTS A. Accounts Payable F. Cash Short and Over J. Misc. Administrative Expense B. Accounts Receivable G. Interest Expense C. Pam Adams, Capital H. Interest Revenue D. Pam Adams, Drawing . Merchandise Inventory M. Notes Receivable O. Petty Cash P. Purchases Q. Sales K. Misc. Selling Expense L. Notes Payable E. Cash For For TRANSACTIONS Debit Scoring Credit Scoring 0. Purchased office supplies on account 0. 0. 1-2. Issued check for payment for merchandise purchased on account, 3-4. Issued check to establish petty cash fund . 5-6. The actual cash counted and deposited was less than the amount 7-8. Recorded entry based on bank reconciliation for bank credit within the discount period.. 2_ 3. 4 recorded on the cash register receipt tape for sales for the day. 6. memorandum for note collected by bank Recorded entry based on the bank reconciliation for bank debit memorandum for customer's check returned by bank for insufficient funds Reimbursed the petty cash fund for disbursements made for office supplies, miscellaneous administrative expense, and miscellaneous selling expense 8 9-10. 9. 11-12. 12.

Explanation / Answer

Solution:

1-2)

Debit Accounts Payable (A)

Credit Cash (E)

3-4)

Debit Petty Cash (O)

Credit Cash (E)

5-6)

Debit Cash Short and Over (F)

Credit Sales (Q)

7-8)

Debit Cash (E)

Credit Notes Receivable (M)

9-10)

Debit Cash (E)

Credit Accounts Payable (A)

11-12)

Debit Petty Cash (O)

Credit Cash (E)

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