The Accounts with Identification Letters for WildWorld, Inc

question 84

Essay

The accounts with identification letters for WildWorld, Inc. are listed below.
Letter Account Title
A Cash
B Trade Receivables C Office supplies
D Equipment E Land
F Trade Payables G Notes Payable H Share Capital
I Retained Earnings
During 20X, the company completed the transactions given below. You are to indicate the appropriat journal entry for each transaction by giving the account letter and amount. Some entries may need three letters. The first transaction is given as an example.

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Definitions:

Checking Accounts

Bank accounts from which money can be withdrawn or transferred to others via checks, debit cards, or electronic methods.

Owner's Personal Expenses

Owner's personal expenses are costs that are not related to the business and are paid out of the owner's personal funds, not the business accounts.

Check Register

A record of checks written, deposits made, and balances in a checking account, maintained by the account holder.

New Transaction

An action that records a financial exchange or transfer that has recently occurred.