Identify which account would be debited and credited to record each transaction occurred at Forever Green Lawn Service. The first transaction has been completed as an example. Transactions Debit Credit Ex. Issued a check for monthly rent. Rent Expense Cash 1. Purchased supplies on account. Supplies Accounts Payable 2. Purchased new equipment, issuing a check for a down payment, with balance due in thirty days. Equipment Cash, Accounts Payable 3. Provided services on account. Accounts Receivable Fees Income 4. Purchase supplies for cash. Supplies Cash 5. Issued a check to pay a creditor on account. Accounts Payable Cash 6. Collected payment from credit customer. Cash Accounts Receivable 7. Issued checks to pay employees their monthly salaries. Salaries Expense Cash 8. Performed services for cash. Accounts Receivable Fees Income 9. Received cash for damaged supplies returned. Cash Supplies 10. Issued a check to pay the telephone bill.

Question

12-11-2020
Business

contestada

Identify which account would be debited and credited to record each transaction occurred at Forever Green Lawn Service. The first transaction has been completed as an example. Transactions Debit Credit Ex. Issued a check for monthly rent. Rent Expense Cash 1. Purchased supplies on account. Supplies Accounts Payable 2. Purchased new equipment, issuing a check for a down payment, with balance due in thirty days. Equipment Cash, Accounts Payable 3. Provided services on account. Accounts Receivable Fees Income 4. Purchase supplies for cash. Supplies Cash 5. Issued a check to pay a creditor on account. Accounts Payable Cash 6. Collected payment from credit customer. Cash Accounts Receivable 7. Issued checks to pay employees their monthly salaries. Salaries Expense Cash 8. Performed services for cash. Accounts Receivable Fees Income 9. Received cash for damaged supplies returned. Cash Supplies 10. Issued a check to pay the telephone bill.

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anthougo anthougo · Answer 1 · 2020-11-14T01:14:17+01:00

Answer:

Forever Green Lawn Service

1. Purchased supplies on account.

Supplies Debit

Accounts Payable Credit

2. Purchased new equipment, issuing a check for a down payment, with balance due in thirty days.

Equipment Debit

Cash, Accounts Payable Credit

3. Provided services on account.

Accounts Receivable Debit

Fees Income Credit

4. Purchase supplies for cash.

Supplies Debit

Cash Credit

5. Issued a check to pay a creditor on account.

Accounts Payable Debit

Cash Credit

6. Collected payment from credit customer.

Cash Debit

Accounts Receivable Credit

7. Issued checks to pay employees their monthly salaries.

Salaries Expense Debit

Cash Credit

8. Performed services for cash.

Accounts Receivable Debit

Fees Income Credit

9. Received cash for damaged supplies returned.

Cash Debit

Supplies Credit

10. Issued a check to pay the telephone bill.

Telephone Expense Debit

Cash Credit

Explanation:

Every business transaction at Forever Green Lawn Service involves two or more accounts. One or two are debited or credited as the case may be. The general journal is used to record transactions as they occur while the general ledger records details about each account and summarizes the balances at the end of each accounting period into the trial balance. Accounting records are based on the double-entry system and follow the accounting equation of Assets = Liabilities + Equity.