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For Each of the Following Transactions,match the Action (Debit or Credit)and

question 20

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For each of the following transactions,match the action (Debit or Credit)and the account type (Asset,Liability,Revenue,or Expense)to each account for the appropriate adjustment that needs to be made at the end of June.Also,show the effect on Retained Earnings.
(D)Debit or (C)Credit
(A)Asset, (L)Liability, (R)Revenue or (E)Expense Account For each of the following transactions,match the action (Debit or Credit)and the account type (Asset,Liability,Revenue,or Expense)to each account for the appropriate adjustment that needs to be made at the end of June.Also,show the effect on Retained Earnings. (D)Debit or (C)Credit (A)Asset, (L)Liability, (R)Revenue or (E)Expense Account or Retained Earnings a.The company has insurance costs of $620 a day for the month of June.On June 1 the company had $26,000 of prepaid insurance. b.The company provides services in June for which it had received payment of $18,300 in May. c.The company had $12,500 worth of labor performed by workers who will be paid in July. d.The company had income before income taxes of $287,400 for June and will pay taxes at the rate of 36%.The tax will be paid in July. e.The company had interest of $1,000 due for June on a Certificate of Deposit (CD).The interest will be received in August. or For each of the following transactions,match the action (Debit or Credit)and the account type (Asset,Liability,Revenue,or Expense)to each account for the appropriate adjustment that needs to be made at the end of June.Also,show the effect on Retained Earnings. (D)Debit or (C)Credit (A)Asset, (L)Liability, (R)Revenue or (E)Expense Account or Retained Earnings a.The company has insurance costs of $620 a day for the month of June.On June 1 the company had $26,000 of prepaid insurance. b.The company provides services in June for which it had received payment of $18,300 in May. c.The company had $12,500 worth of labor performed by workers who will be paid in July. d.The company had income before income taxes of $287,400 for June and will pay taxes at the rate of 36%.The tax will be paid in July. e.The company had interest of $1,000 due for June on a Certificate of Deposit (CD).The interest will be received in August. Retained Earnings
a.The company has insurance costs of $620 a day for the month of June.On June 1 the company had $26,000 of prepaid insurance. For each of the following transactions,match the action (Debit or Credit)and the account type (Asset,Liability,Revenue,or Expense)to each account for the appropriate adjustment that needs to be made at the end of June.Also,show the effect on Retained Earnings. (D)Debit or (C)Credit (A)Asset, (L)Liability, (R)Revenue or (E)Expense Account or Retained Earnings a.The company has insurance costs of $620 a day for the month of June.On June 1 the company had $26,000 of prepaid insurance. b.The company provides services in June for which it had received payment of $18,300 in May. c.The company had $12,500 worth of labor performed by workers who will be paid in July. d.The company had income before income taxes of $287,400 for June and will pay taxes at the rate of 36%.The tax will be paid in July. e.The company had interest of $1,000 due for June on a Certificate of Deposit (CD).The interest will be received in August. b.The company provides services in June for which it had received payment of $18,300 in May. For each of the following transactions,match the action (Debit or Credit)and the account type (Asset,Liability,Revenue,or Expense)to each account for the appropriate adjustment that needs to be made at the end of June.Also,show the effect on Retained Earnings. (D)Debit or (C)Credit (A)Asset, (L)Liability, (R)Revenue or (E)Expense Account or Retained Earnings a.The company has insurance costs of $620 a day for the month of June.On June 1 the company had $26,000 of prepaid insurance. b.The company provides services in June for which it had received payment of $18,300 in May. c.The company had $12,500 worth of labor performed by workers who will be paid in July. d.The company had income before income taxes of $287,400 for June and will pay taxes at the rate of 36%.The tax will be paid in July. e.The company had interest of $1,000 due for June on a Certificate of Deposit (CD).The interest will be received in August. c.The company had $12,500 worth of labor performed by workers who will be paid in July. For each of the following transactions,match the action (Debit or Credit)and the account type (Asset,Liability,Revenue,or Expense)to each account for the appropriate adjustment that needs to be made at the end of June.Also,show the effect on Retained Earnings. (D)Debit or (C)Credit (A)Asset, (L)Liability, (R)Revenue or (E)Expense Account or Retained Earnings a.The company has insurance costs of $620 a day for the month of June.On June 1 the company had $26,000 of prepaid insurance. b.The company provides services in June for which it had received payment of $18,300 in May. c.The company had $12,500 worth of labor performed by workers who will be paid in July. d.The company had income before income taxes of $287,400 for June and will pay taxes at the rate of 36%.The tax will be paid in July. e.The company had interest of $1,000 due for June on a Certificate of Deposit (CD).The interest will be received in August. d.The company had income before income taxes of $287,400 for June and will pay taxes at the rate of 36%.The tax will be paid in July. For each of the following transactions,match the action (Debit or Credit)and the account type (Asset,Liability,Revenue,or Expense)to each account for the appropriate adjustment that needs to be made at the end of June.Also,show the effect on Retained Earnings. (D)Debit or (C)Credit (A)Asset, (L)Liability, (R)Revenue or (E)Expense Account or Retained Earnings a.The company has insurance costs of $620 a day for the month of June.On June 1 the company had $26,000 of prepaid insurance. b.The company provides services in June for which it had received payment of $18,300 in May. c.The company had $12,500 worth of labor performed by workers who will be paid in July. d.The company had income before income taxes of $287,400 for June and will pay taxes at the rate of 36%.The tax will be paid in July. e.The company had interest of $1,000 due for June on a Certificate of Deposit (CD).The interest will be received in August. e.The company had interest of $1,000 due for June on a Certificate of Deposit (CD).The interest will be received in August. For each of the following transactions,match the action (Debit or Credit)and the account type (Asset,Liability,Revenue,or Expense)to each account for the appropriate adjustment that needs to be made at the end of June.Also,show the effect on Retained Earnings. (D)Debit or (C)Credit (A)Asset, (L)Liability, (R)Revenue or (E)Expense Account or Retained Earnings a.The company has insurance costs of $620 a day for the month of June.On June 1 the company had $26,000 of prepaid insurance. b.The company provides services in June for which it had received payment of $18,300 in May. c.The company had $12,500 worth of labor performed by workers who will be paid in July. d.The company had income before income taxes of $287,400 for June and will pay taxes at the rate of 36%.The tax will be paid in July. e.The company had interest of $1,000 due for June on a Certificate of Deposit (CD).The interest will be received in August.

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