80.2K

Verified Solution

Link Copied!

158) Identify the accounts to be debited and credited. Unless otherwise noted, the business uses the periodic inventory method. Debit sold merchandise for cash purchased merchandise on account issued a credit invoice for merghandise sold n account D, purchased office supplies for cash returned damaged merchandise, purchased on account received an invoice for the cost of received an invoice for the cost of sold merchandise on account (perpetual bought merchandise on account (perpetual transporting merchandise for resale G. merchandise to a customer H. ventory method used) method used) For each of the transactions listed below determine the items affected. Indicate whether they are increased or 159) decreased, and by how much. ample: Purchased supplies for 1000 cash 1 000 1 000 Supplies Received $600 payment from A. customers for previous on credit Owners atot e invested $2000 in the salaries totaling $800 to $3000 of office B. C lemployees D. on credit. urchased new office building for $300000. E. paid $150 000 cash, took out Received F. cash from sale of $100 office supplies. G Paid S4S9 for repairs to delivery 52200 for office equipment cash for performed services for $1200 withdrew $500 from the for personal use Sent a bill to a customer for K. $2600 for accounting services to be paid later

Answer & Explanation Solved by verified expert

See Answer