Which Accounts are Affected by these Transactions?

accounting studentQ: Which accounts are affected in each of the following transactions?


April 3 Purchased office supplies on account, $300.

April 4 Received prepayment for restoration services, $2,000.

April 15 Paid in full for office supplies purchased on April 3.

April 18 Billed customer for restoration work completed on April 17, $3,000.

April 29 Received utility bill for the month of April, due on May 15, $250.

A: April 3 Office supplies, creditors
April 4 Bank/cash, prepayment account (creditor)
April 15 Cash, creditors
April 18 Debtors, income (services rendered)
April 29 Utility bill (expense), creditors

Comments for Which Accounts are Affected by these Transactions?

Click here to add your own comments

Eli
by: Anonymous

1. supplies dr 300
A/p cr 300

2 cash dr 2000
Unearned revenue 2000

3. A/p dr 300
cash cr 300

4 unearned revenue dr 2000
A/R dr 1000
sales/revenue 3000

5 April - utility exp dr 250
a/P. cr. 250
may - A/P dr. 250
Cash cr 250

Click here to add your own comments

Return to Ask a Question About This Lesson!.













© Copyright 2009-2021 Michael Celender. All Rights Reserved. 
Click here for Privacy Policy.