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Question 1 The company purchases supplies with cash. The debit should be: The credit should be: Question 2 The company borrows money from the bank and signs a note The debit should be: The credit should be: Question 3 The company receives cash from customers for services that will be provided at a later date. The debit should be: The credit should be: Question 4 The company purchases equipment with cash. The debit should be: The credit should be: Question 5 The company sells common stock (this means that investors give the company cash and become a stockholder) The debit should be The credit should be: The company provides services to customers on account (on account means that no cash is exchanged]) The debit should be: The credit should be: Question The company pays dividends. The debit should be: The credit should be: Question 8 On August 1, the company provides services to a customer on account. On August 8, the customer pays the account. On August 8th: The debit should be: The credit should be: Question9 On June 1, the company receives cash from customer for services that will be provided on June 12. On June 12, the company provides the services to the customer. On June 1: The debit should be: The credit should be: Question 10 On June 1, the company receives cash from customer for services that will be provided on June 12. On June 12, the company provides the services to the customer. On June 12: The debit should be: The credit should be: Question 12 The company receives cash for services that are provided at the same time. The debit should be: The credit should be: Question 13 The company repays a loan to a bank. The debit should be: The credit should be: Question 14 The company pays for current month's rent. The debit should be: The credit should be: Question 15 The company pays employee for work performed during the month (Hint: The expense account for employee work is called Salaries Expense.) The debit should be: The credit should be: Question 16 The company pays for a year of rent in advance. The debit should be: The credit should be: Question 17 On April 1: The company purchases supplies on account On April 5: The company pays for the supplies that were purchased on April 1. On April 1: The debit should be: The credit should be: Question 18 On April 1: The company purchases supplies on account. On April 5: The company pays for the supplies that were purchased on April 1. On April 5: The debit should be: The credit should be: Question 19 Calculate the ending balance of the following T-Account: Cash 100 250 300 50 500 150 $450 Debit Ending Balance $900 Debit Ending Balance and $450 Credit Ending Balance $450 Credit Ending Balance $900 Debit Ending Balance Question 20 Calculate the ending balance of the following T-account: Accounts Payable 200 300 150 750 50 100 $250 debit ending balance ($250) debit ending balance $650 debit ending balance and $900 credit ending balance $250 credit ending balance

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