On January 1, Merry Walker and Other Stockholders Established a Catering

question 145

Essay

On January 1, Merry Walker and other stockholders established a catering service. Listed below are accounts to use for transactions a) through d), each identified by a number. Following this list are the transactions that occurred during the first month of operations. You are to indicate for each transaction the accounts that should be debited and credited by placing the account numbers) in the appropriate box.
1. Cash
2. Accounts Receivable
3. Supplies
4. Prepaid Insurance
5. Equipment
6. Truck
7. Notes Payable
8. Accounts Payable
9. Common Stock
10. Dividends
11. Fees Earned
12. Wages Expense
13. Rent Expense
14. Utilities Expense
15. Truck Expense
16. Miscellaneous Expense

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Definitions:

Congress

The legislative branch of the United States federal government, composed of the House of Representatives and the Senate, responsible for making federal laws.

Incumbents

Current holders of a political office or position, often enjoying advantages in elections due to their existing name recognition and record.

Congressional Elections

The process through which members of the United States Congress (both the House of Representatives and the Senate) are elected by voters.

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Individuals or teams contesting against incumbents or the current holders in a competition, election, or battle for superiority.