Transaction Analysis
Short Exercises
(5 min.) S 2-1
Hortons payment was non an expense.
Horton acquired an asset, Equipment, because the computer is an economic resource of the business.
(5 min.) S 2-2
a.$14,800 ($13,000 + $1,800 + $4,000 ? $4,000)
b.$ 1,800
(5-10 min.) S 2-3
| bills | | |
| |
|DATE |ACCOUNT TITLES AND EXPLANATION |DEBIT |CREDIT |
| | | | | |
|Jul. |15 |Cash…………………………………… |34,000 | |
| | | Note Payable……………………… | |34,000 |
| | |Borrowed money from the bank.
| | |
| | | | | |
| |22 |Accounts receivable………………. |8,500 | |
| | | Service Revenue…………………. | |8,500 |
| | |Performed service on account. | | |
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