On January 1, Merry Walker Established a Catering Service

question 228

Essay

On January 1, Merry Walker established a catering service. Listed below are accounts to use for transactions
(a) through
(e), each identified by a number. Following this list are the transactions that occurred in Walker's first month of operation. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number
(s) 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.Merry Walker, Capital
10.Merry Walker, Drawing
11.Fees Earned
12.Wages Expense
13.Rent Expense
14.Utilities Expense
15.Truck Expense
16.Miscellaneous Expense
17.Insurance Expense​

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Definitions:

Unreliable Sales Forecasts

Projections of future sales that are uncertain or likely to be inaccurate due to various factors like market volatility or insufficient data.

Industry-Wide Trends

The prevailing movements or directions that affect an entire industry, encompassing changes in technology, consumer preferences, regulatory environment, and market dynamics.

Service Policies

Guidelines and regulations that govern the provision and quality of service offered by a business.

Customer Problems

Issues or complaints that consumers face while using a product or service, often addressed by businesses through customer service or product improvements.