Indicate which accounts should be debited

Assignment Help Finance Basics

Reference no: EM131519591

Question: Below are several external transactions for Hokies Company

Account                 Account
Debited                  Credited
Equipment                 Cash

Example: Purchase equipment in exchange for cash.

1. Pay a cash dividend.

2. Pay rent in advance for the next three months.

3. Provide services to customers on account.

4. Purchase office supplies on account.

5. Pay salaries for the current month.

6. Issue common stock in exchange for cash.

7. Collect cash from customers for services provided in (3) above.

8. Borrow cash from the bank and sign a note.

9. Pay for the current month's utilities.

10. Pay for office supplies purchased in (4) above.

Hokies uses the following accounts:

Required: Indicate which accounts should be debited and which should be credited.

Reference no: EM131519591

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