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Accounting

by | Nov 30, 2023 | questions

:For
Demo Tech Systems Consultants, indicate the accounts to be debited and credited
in recording the selected transactions described below by inserting the letter
designation for the accounts in the appropriate columns.

ACCOUNTS

A. Cash E. Equipment I. X. Allornunn, Capital M. Prepaid
Rent

B. Accounts
Receivable F. Office Supplies J. X.
Allornunn, Drawing N. Fees Earned

C. Building G. Notes Receivable K. Notes Payable O. Rent Expense

D. Prepaid
Insurance H. Accounts Payable L. Office
Supplies Expense P. Wages Expense

For

Scoring

For

Scoring

TRANSACTIONS

Debit

Credit

0. Provided
professional services on account ………………………………………….

B

0.
____

N

0.
____

1–2. Provided
professional services on account ………………………………………….

1.
____

2.
____

3–4. X.
Allornunn withdrew cash for personal use ……………………………………….

3.
____

4.
____

5–6. Purchased
office supplies on account ………………………………………………….

5.
____

6.
____

7–8. Discovered
an error in computing and paying the wages of an employee. Paid cash to the
employee for the amount of the underpayment ………………………………………………………………………………………

7. ____

8. ____

9–10. Paid
rent covering a two-year period ……………………………………………………

9.
____

10.
____

11–12.. Purchased
building and equipment, paying 15% in cash and
giving a note for the balance ………………………………………………………………..

11. ____

12. ____

13–14.. Sold
office supplies to employees at cost, receiving cash ……………………

13.
____

14.
____

15–16.. Returned
for credit equipment purchased on account …………………………

15.
____

16.
____

17–18.. Received
cash from customers on account ………………………………………….

17.
____

18.
____

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