For your main Discussion post, list at least one ofeach transaction related to all of the followingbusiness events:
- Purchase of goods or services for cash
- Providing services for cash
- Providing services on account
- Purchase of goods or services on account
- Payment of a previously recorded expense
- Receipt of a previously recorded revenue earned
Be sure to explain your logic in the analysis of your businesstransactions and do not repeat examples from the textbook. Also,list the type of source documents that may serve as evidence foreach accounting transaction. Here is an example of a purchase ofgoods for cash:
My Company purchased $1,000 of supplies during the currentaccounting period; payment was made at the time of purchase. Thesource I would need is a sales receipt from the company from whichI purchased the supplies.
Additionally, for each business transaction presented, answerthese questions:
- Which accounts are affected for each transaction?
- How is each account affected (debit or credit, increase ordecrease), specifically?
