Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. using the following chart of accounts, identify th

Using the following Chart of Accounts, identify the accounts used for the following journal entries...

50.1K

Verified Solution

Question

Accounting

image
image
image
Using the following Chart of Accounts, identify the accounts used for the following journal entries or state "no entry required" for both accounts, if none is required. Chart of Accounts PLEASE NOTE: If used 4 type in the account names exactly as written above. Transaction DR Account CRAccoun A new employee is hired to work 40 hours per week at $22 /hour. Received and paid utility bill for past month, $458. Supplies worth $750 are purchased on account. Recorded cash sales to customer, $1,450. Ilient paid for services rendered previously, $325. Paid for inventory purchased on account last month, $1,250. Purchased equipment with bank loan, $25,000. Paid salaries due for the month, $1,725. Jlient paid for services rendered previously, $325. Paid for inventory purchased on account last month, $1,250. Purchased equipment with bank loan, $25,000. Paid salaries due for the month, $1,725. Sold inventory on account for $2,345. Paid for one year of fire insurance, $9,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students