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Exam (elaborations)

Accounting - Journalizing Transactions EXAM Questions And CORRECT Answers

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Accounting - Journalizing Transactions EXAM Questions And CORRECT Answers Received Cash from the owner as an investment. - CORRECT ANSWERS Credit - Capital Brought Supplies on Account. - CORRECT ANSWERS Credit - Accounts Payable Paid Cash for Rent. - CORRECT ANSWERS Debit - Supplies Debit - Rent Expense Credit - Cash Sold Services on account. - CORRECT ANSWERS Debit - Cash Debit - Accounts Receivable Credit - Sales

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Institution
Basic Accounting
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Basic Accounting

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July 30, 2025
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Written in
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Accounting - Journalizing Transactions EXAM
Questions And CORRECT Answers
Received Cash from the owner as an investment. - CORRECT ANSWERS Debit - Cash

Credit - Capital



Brought Supplies on Account. - CORRECT ANSWERS Debit - Supplies

Credit - Accounts Payable



Paid Cash for Rent. - CORRECT ANSWERS Debit - Rent Expense

Credit - Cash



Sold Services on account. - CORRECT ANSWERS Debit - Accounts Receivable

Credit - Sales



Paid Cash to the owner for personal use. - CORRECT ANSWERS Debit - Drawing

Credit - Cash



Received cash for sales. - CORRECT ANSWERS Debit - Cash

Credit - Sales



Paid Cash for supplies. - CORRECT ANSWERS Debit - Supplies

Credit - Cash



Paid Cash for insurance. - CORRECT ANSWERS Debit - Prepaid Insurance
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