12:08 7 LTE Assignment 3 Alternative... 1. Read each transaction and identify the appropriate...
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Accounting
12:08 7 LTE Assignment 3 Alternative... 1. Read each transaction and identify the appropriate journal in which it should be recorded. This is an entity that sales a finished product Journal Identification Transaction Type 1. Owner withdrew supplies 2. Sale made on account 3. Payment to vendor on account 4. Payment received from customer on account 5. Purchases on account 6. Adjusting journal entry for supplies used 7. Owner withdrew cash 8. Company borrows money from bank 9. Record monthly depreciation 10. Close revenue accounts at month's end 2.0 Read each transaction and identify the journal in which the transaction should be recorded. This is a business that provides business advising services Transaction Description Journal Identification Recorded adjusting journal entry for accrued interest Performed advising services on account Purchased office supplies on account Borrowed money for expansion project Received $500 from Tool Tech. an account Old Owner withdrew cash for personal use Paid monthly rent Recorded depreciation on equipment Invested additional capital in the business Purchased inventory on account
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